Transcription of Frequently Asked Questions October 1, 2012
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Frequently Asked Questions October 1, 2012
1 Housing Notice H-2012-14 Use of New Regulation Section 8 Housing Assistance Payments (HAP) Contracts Residual Receipts to Offset Project-Based Section 8 Housing Assistance Payments Frequently Asked Questions October 1, 2012 2 Table of Contents Applicability 3 Calculating Balance in Residual Receipts Account 4 Effective Date 6 Financial Statement Accounting 7 Flexible Subsidy 9 Grants 10 Mark-to-Market (M2M) 11 Miscellaneous 12 Offset Amount 13 Processing Steps 15 Refinancing 19 Retained Balance 20 Risk Sharing 22 Section 202 Projects 23 Service Coordinators 25 Vouchers and Form HUD-9250 26 Waivers 29 3 Applicability 1. I was on Friday s conference call regarding the highlights of the HUD Notice H-2012-14. Originally, I thought the notice would only apply to Section 8 New Construction, Substantial Rehabilitation projects, as well as, 202 Direct Loan and new regulation Section 8 HAP contracts.
recapture.” There would be a corresponding debit for $75,000 to account 6890 – Miscellaneous Financial Expenses with details reading, “loss due to recapture of residual receipts.” Withdrawals from the residual receipts reserve would be reported by crediting the residual receipts account and debiting account 1120 - Cash Operations.
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