HUD Multifamily Entities Get 30-Day Extension for FASS Submissions with Dec 31, 2010 Year-Ends

From: GAQC
Sent: Thursday, March 31, 2011 3:44 PM
To: GAQC Members
Subject: HUD Multifamily Entities Get 30-Day Extension for FASS Submissions

This e-mail should be of interest to our Governmental Audit Quality Center (GAQC) members that audit U.S. Department of Housing and Urban Development (HUD) multifamily program participants with December 31, 2010, year-ends.  The GAQC has learned that the HUD Office of Asset Management issued a “Blanket 30-Day Extension” yesterday for multifamily submissions of audited financial statements and other required information to the HUD Financial Assessment Subsystem (FASS).  The original submission deadline for entities with a December 31, 2010, year-end, was March 31, 2011 (i.e., today).  However, with this extension, an additional 30 days has been provided.  While reasons for the extension were not provided, several HUD contacts that GAQC staff discussed this extension with suggested that it likely relates to a systems issue. 

Below is the one line extension from the HUD Web site: 

Blanket 30-day Extension

The Office of Asset Management approved a blanket 30-day extension for FASS-MF Multi-Family owners with a fiscal year ending 12/31/10.

It can be accessed at the HUD website.

You should note our HUD contacts stressed that this extension only applies to multifamily program participants and not public housing authorities (PHAs).

If there are any updates to this extension information, the GAQC will inform members via another Center communication.