Extensions for HUD Audited Financial Statements

  • Real estate
  • 5/1/2022

The Office of Housing recently granted the Real Estate Assessment Center (REAC) the authority to approve thirty-day extensions of audited financial statements on a c...

The Office of Housing recently granted the Real Estate Assessment Center (REAC) the authority to approve thirty-day extensions of audited financial statements on a case-by-case basis, assuming the justification for the extension was for circumstances outside of the owner’s control.

According to previous reports, REAC approved most initial thirty-day extension requests. It is expected that additional requests of up to a total of sixty days are also likely to be approved. REAC is not, however, expected to approve any additional extensions unless there is “compelling justification” to do so, such as a natural disaster or fire.

All extension requests must be processed through HUD’s online system.

Thanks to Renee Bardenwerper and Will Lau for their assistance with this blog post.

Sources: REAC.gov, AHACPA.org

This blog contains general information and does not constitute the rendering of legal, accounting, investment, tax, or other professional services. Consult with your advisors regarding the applicability of this content to your specific circumstances.

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