If you are a HUD-insured property, have a property with HUD subsidized rent, or have a HUD capital advance, you should have received an e-mail from HUD with Q & A for their answers regarding the COVID-19 outbreak. Below are each of the question and answers currently provided. As this is an ever-changing situation, we aren’t sure how often HUD will be updating their Q & A’s.
HUD has granted an automatic 30-day extension for any annual audits that were originally due March 31, 2020 or April 30, 2020. Extensions of other HUD requirements (i.e. Capital Needs Assessments inspections) will be evaluated on a case by case basis.
HUD is planning on continuing to process requests or approvals while its staff work remotely and will plan on handling necessary meetings via conference calls. Communication with your HUD representative should be done via e-mail or by phone.
At this point, it does not appear as though HUD is going to release additional funding to address additional costs required in response to the COVID-19 outbreak, but they have stated that those costs are allowed to be treated as operating expenses.
We will continue to update you as more information is available.