Compliance and Asset Management Group Frequently Asked Questions
Q: What is the best way to submit reports?
A: For specific instructions regarding report submission methods, go to Project Reporting Requirements.
Q: Who do I contact if I have questions?
A: Contact your Asset Manager with questions or concerns. Click here for a detailed department staff listing.
Q: What is a Risk Sharing Project and what does Risk Sharing mean?
A: Housing Finance Agency Risk-sharing: Section 542(c) enables the U.S. Department of Housing and Urban Development (HUD) and state and local housing finance agencies (HFAs) to provide new risk-sharing arrangements to help those agencies provide more insurance and credit for multifamily loans. The Program provides new insurance authority independent of the National Housing Act. Housing Finance Agency Risk-sharing: Section 542(c) provides credit enhancement for mortgages of multifamily housing projects whose loans are underwritten, processed, serviced, and disposed of by HFAs. HUD and HFAs share in the risk of the mortgage.
Q: Why do we send duplicate reporting information to DCHFA and DHCD?
A: If a project receives financing from both DCHFA and DHCD, the project is required to meet all reporting requirements of both agencies.
Q: Why do we have so many inspections by different Agencies?
A: If a project receives financing and/or subsidies from multiple agencies, the project must adhere to all inspection requirements of each agency.
Q: How does DCHFA differ from DHCD?
A: DCHFA is an independent agency of the District Government that is authorized to provide financing for affordable housing projects in the District of Columbia. DHCD is a DC Government Agency that provides financing for residential, commercial, and economic development projects in the District. Sometimes projects are financed by both Agencies which results in reporting and inspection requirements to both Agencies.
Q: When are Annual Audited Financial Statements due?
A: 90 Days after the project's calendar year ends. For specific information, go to Project Reporting Requirements.
Q: When are the Quarterly Reports Due and what reports should be submitted?
A: For specific information regarding report due dates, go to Project Reporting Requirements.
Q: When are the Annual Proposed Budgets due?
A: November 1st. For specific information, go to Project Reporting Requirements.
Q: What is DAC and why do we have to report to them?
A: DAC is the Digital Assurance Certification. DAC acts as disclosure dissemination agent for issuers of municipal bonds, electronically posting and transmitting your information to repositories and investors alike. Access to any municipal bond in the DAC System is free of charge by registering. Please see www.dacbond.com for more information.