[Federal Register Volume 63, Number 211 (Monday, November 2, 1998)]
[Proposed Rules]
[Pages 58675-58676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-29280]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 5

[Docket No. FR-4321-N-04]
RIN 2501-AC49


Uniform Financial Reporting Standards for HUD Housing Programs; 
Intent To Issue Technical Amendment

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Intent to issue technical amendment.

-----------------------------------------------------------------------

SUMMARY: The purpose of this document is to advise the public that 
within the next few weeks HUD will publish a final rule to make a 
technical amendment to its new regulations creating uniform financial 
reporting standards, issued on September 1, 1998. The technical 
amendment will change for certain entities whose fiscal year ends 
December 31st, as described in the Supplementary Information section of 
this document, the annual report submission date from April 30, 1999 to 
June 30, 1999, only for the first year of compliance with these 
standards.

FOR FURTHER INFORMATION CONTACT: For further information contact 
Kenneth Hannon, Office of Housing, Department of Housing and Urban 
Development, 451 Seventh St., SW, Room 6274, Washington, DC 20410; 
telephone (202) 708-0547, ext. 2599 (this is not a toll-free number). 
Persons with hearing or speech impairments may access that number via 
TTY by calling the Federal Information Relay Service at (800) 877-8399.

SUPPLEMENTARY INFORMATION: On September 1, 1998 (63 FR 46582), HUD 
published a final rule that established uniform annual financial 
reporting standards for HUD's Public Housing, Section 8 housing, and 
multifamily insured housing programs. The rule provides that the 
financial information already required to be submitted to HUD on an 
annual basis under program requirements is to be submitted 
electronically to HUD and to be prepared in accordance with generally 
accepted accounting principles. The rule also established annual 
financial report filing dates for the covered entities.
    The September 1, 1998 rule provides an April 30, 1999 annual report 
submission date (for the first year of compliance only) for (1) owners 
of housing assisted under Section 8 project-based housing assistance 
payments programs, described in Sec. 5.801(a)(3) of the new rule, and 
owners of multifamily projects receiving direct or indirect assistance 
from HUD, or with mortgages insured, coinsured, or held by HUD, 
including but not limited to housing under certain HUD programs 
described in Sec. 5.801(a)(4) of the new rule; and (2) which group of 
owners have fiscal years ending December 31, 1998. The April 30, 1999 
date with its proximity to Federal income tax filing deadline makes 
conversion to the new reporting system and completion of the required 
report by April 30, 1999 burdensome for affected entities. The final 
rule that HUD plans to issue will change the April 30, 1999 date to 
June 30, 1999 for the first year of reporting only.


[[Page 58676]]


    Dated: October 26, 1998.
William C. Apgar,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 98-29280 Filed 10-28-98: 3:35 pm]
BILLING CODE 4210-27-P