Project Reporting Requirements For DCHFA Financed Multifamily Projects
The DC Housing Finance Agency Compliance and Asset Management Group monitors Projects for compliance and performance throughout the "Qualified Project Period" as described in the Regulatory Agreements.
Compliance monitoring and reporting requirements for all Projects financed in part by Tax-Exempt bonds will include the following:
1) The following reports are due to the Agency Annually (once a year) by January 30th:
2) Annual reporting to the Agency also includes:
- IRS Form 8703 Annual Certification of a Residential Project should be filed with the IRS Annually by March 31st with a copy sent to DCHFA & DHCD by March 31st
- March 31st of each year Audited Financial Statements are due (See Audit Requirements)
- November 1st of each year a Proposed Budget is due for Agency review and approval
3) The following reports are due to the Agency on a Quarterly basis:
- Management Operations Summary, MOS (click here for MOS form)
- A Rent Roll for each month within the quarter
- An Occupancy Report for each month within the quarter (the report should contain the Head of Household, number of occupants, bedroom size, annual household income, move-in date, rent amount)
- Exhibit C of the Tax Regulatory Agreement/Land Use Restriction Agreement "Monthly Report to Issuer/Certification of Continuing Program Compliance" for each month within the quarter
- Balance Sheet, Aged Accounts Payable, Aged Accounts Receivable, General Ledger, Cash Flow and Income Statement and Variance Report for each month within the quarter
4) Due dates for the Quarterly reports are as follows:
- April 30th - reflecting the Project period January, February, March
- July 30th - reflecting the Project period April, May, June
- October 30th - reflecting the Project period July, August, September
- January 30th - reflecting the Project period October, November, December
5) Methods of Submission:
- Preferred method: Email PDF attachments to email@example.com
- Secondary method: Mail to 815 Florida Ave NW WDC 20001
- Final method: Hand deliver to 815 Florida Ave NW WDC 20001 M-F 9AM-6PM
Additional Reporting Due to Digital Assurance Certification (NOT to the Agency):
The Annual Disclosure Report (to include the Operating Data Template and Annual Financial Information) is due to the dissemination agent, Digital Assurance Certification (DAC) on your project’s File/Report Date, December 31st. Please refer to the Continuing Disclosure Agreement to confirm your project’s File/Report Date. Forward the reporting information to DianaO@DACBond.com, Attention Diana O’Brien.
If you have any questions regarding the Annual Disclosure reporting, please contact Diana O’Brien at DianaO@DACBond.com or (407) 515-1100.
Project Monitoring for DCHFA Financed Multifamily Projects
1) Comprehensive Management Reviews (MOR) – Risk Sharing Projects
Comprehensive Management Reviews will be conducted on an annual basis at Projects with Mortgages regulated under Section 542(c) of the National Housing Act, Housing Finance Agency Risk Sharing Program. Click here to view applicable Projects.
2) Comprehensive Physical Inspections - Risk Sharing Projects
Comprehensive Physical Inspections will be conducted on an annual basis and REAC inspections on a periodic basis depending on the score, at Projects with Mortgages regulated under Section 542(c) of the National Housing Act, Housing Finance Agency Risk Sharing Program. Click here to view applicable Projects.
3) Comprehensive Physical Inspections - Non-Risk Sharing Projects
Comprehensive Physical Inspections will be conducted on a periodic basis at Non-Risk Sharing Projects. Click here to view applicable Projects.
4) Follow-up Physical Inspections – Risk Sharing and Non-Risk Sharing Projects
Follow-up Physical Inspections are conducted on projects which received a score of 80 or below to ensure all deficiencies noted in the physical inspection have been abated.