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For tax credit sites that also receive less than $500,000 in combined federal financial assistance, HUD recently issued Notice 2013-23 that revised the financial reporting requirements for small multifamily housing developments. Specifically, the notice eliminates the audit requirements for small entities (defined as receiving less than $500,000 in combined federal awards) regardless of existing regulatory agreement requirements. Owners of these projects will be permitted to submit owner-certified financial statements.
