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Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families
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POST ASSISTANCE REQUIREMENTS
    · Reports
        Any change of the mortgagor during the period of mortgage insurance must be approved by HUD. Defaults in meeting the mortgage terms must be reported. All mortgagors of insured projects are required to submit, electronically, an annual financial statement to HUD audited and prepared in accordance with Generally Accepted Accounting Principals and Generally Accepted Auditing Standards. Approved mortgages, upon request by HUD, must furnish a copy of their latest financial statement.
    · Audits
        The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgage or mortgagor in order to determine their compliance and conformance with FHA regulations and standards.
    · Records
        Tenant certifications for assistance payments and annual recertification must be forwarded to the HUD Field or Area Office by the sponsor. Regular financial reports are also required. Mortgagees must service and maintain records in accordance with acceptable mortgagee practices and HUD regulations.

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