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Budget Submission Requirements

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.

Example:

File to Submit:

Report Due Date: November 1st

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:

C. 3000	EQUITY ACCOUNTS
3100	Owner Equity
3200	Earnings

D. 4000	VALUATION ACCOUNTS
4100	Accumulated Depreciation
4200	Other Reserves

E. 5000	REVENUE ACCOUNTS
5100	Rent Revenue
5200	Vacancies
5300	Elderly and Congregate Services Revenue
5400	Financial Revenue
5900	Other Revenue

F. 6000	PROJECT EXPENSE ACCOUNTS
6200/6300	Administrative Expenses
6400	Utilities Expenses
6500	Operating and Maintenance Expenses
6600	Depreciation Expenses
6700	Taxes and Insurance
6800	Financial Expenses
6900	Elderly and Congregate Care Expenses

G. 7000	CORPORATE AND MORTGAGOR EXPENSES

Refer to Chapter 4 of the HUD Handbook 4370.2 Rev-1, Financial Operations and Accounting Procedures for Insured Projects.

Preferred method: Email PDF attachments to compliancecoordinator@dchfa.org
Secondary method: Mail to 815 Florida Ave NW, Washington, DC 20001
Final method: Hand deliver to 815 Florida Ave NW, Washington, DC 20001 M-F 9AM-6PM