Budget Submission Requirements For DCHFA Financed Multifamily Projects
1) Budget Submission
A Project's Annual Budget is due on November 1st of each year. The budget shall be prepared according to the following requirements:
- Budgeted expenses shall not exceed projected income. Unless the project's condition requires the Owner to contribute funds to cover operating deficits, the Owner shall not submit a deficit budget.
- Each line item of the budget must be compared to prior two years' actual income and expenses.
- A narrative shall be submitted to explain each line of the proposed budget, particularly for items that will have more than 5% change from the prior year's actual amounts.
Click here to download the required DCHFA budget format sample.
2) HUD Chart of Accounts
DCHFA financed multifamily projects are required to use HUD Chart of Accounts in annual budget submission.
The major categories of the HUD Chart of Accounts include:
||Long Term Liabilities
||Elderly and Congregate Services Revenue
||Project Expense Accounts
||Operating and Maintenance Expenses
||Taxes and Insurance
||Elderly and Congregate Care Expenses
||Corporate and Mortgagor Expenses
Refer to Chapter 4 of the HUD Handbook 4370.2 Rev-1, Financial Operations and Accounting Procedures for Insured Projects.