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Multifamily Housing - News

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Technical Assistance Available via Email

FASS-MF has been notified that during peak submission periods callers often experience lengthy hold periods when contacting REAC Technical Assistance Center (TAC). To circumvent this issue, we recommend sending your questions to the TAC via email at TAC representatives contact customers directly by email or phone. When emailing TAC please specify in the subject line that you are inquiring about a FASS-MF reporting problem.

Disappearing Accounts

In recent months FASSUB users have been experiencing instances in which accounts disappear after the user adds the supporting detail. After researching this problem we have concluded that these anomalies occur most frequently when several details are added at once and saved in masse rather than adding and saving the details one at a time. While we realize that it takes a little longer to add and save details one at a time, we encourage users to do it this way in order to avoid validation problems and the potential loss of data. When accounts disappear it requires us to archive the submission and the user must start over.

Accounting Guidance for M2M Projects

The Office of Assisted Housing Preservation (OAHP) has developed an interactive Excel Spreadsheet which summarizes accounting guidance specific to Mark-to-Market (M2M) and Demonstration projects. The spreadsheet (along with all of the OAHP accounting letters) are available at the following site: The spreadsheet can be accessed via the link entitled, "Excel Workbook."

Office of Asset Management Memorandum Concerning Leased Nursing Homes

On January 11, 2008 the Office of Asset Management issued a memorandum concerning financial statements for leased nursing homes. The memorandum states that due to technical problems lessee financial statements will not be required to be submitted electronically for the December 31, 2007 fiscal year. Lessees with a regulatory requirement to submit financial statements must submit them in hard copy format to their local Multifamily Program Center. Financial statements for lessors must continue to be submitted electronically. For additional information please contact your local Multifamily Program Center.

User IDs Disabled after 90 Days of Inactivity

Starting November 1, 2007 Secure Systems is implementing a policy that all user IDs will be disabled after 90 days of inactivity. All users must log on at least once every 90 days to avoid having their IDs disabled. If your account is disabled please contact the Technical Assistance Center at 888-245-4860 to reactivate it.

Secure Systems - Multiple Users Now Prohibited from Using Same ID

Beginning December 09, 2007 you will no longer be allowed multiple logins into Secure Systems. This means if you are logged into FASSUB and attempt a login using the same ID on a different computer, your first login session will be terminated.

Terminology Changes in Response to SAS 112

In response to SAS No. 112, the names of accounts S2200-020, S3500-020 and S3600-020 will be changed from 'Reportable Conditions Indicator' to 'Significant Deficiencies Indicator.' These changes are scheduled to occur in early February.

REAC recently changed the name of two accounts
in an effort to improve financial reporting. The name of account 1200 - 'Miscellaneous Prepaid Expenses' was changed to 'Prepaid Expenses.' This account should be used to report prepaid taxes, insurance, mortgage insurance premiums, or any other prepaid expenses. The name of account 1520 - 'Intangible Assets' was changed to 'Deferred Financing Costs.' This account should be used to report amortizable fees/expenses incurred in the construction or refinance of a project.

Updated Guidance
for Changes in Owner Fiscal Year End The guidance below supercedes previous guidance sent March 06,2006.

Changes in an owner's fiscal year end must be coordinated between the local project manager and REAC. When you call into the REAC Technical Assistance Center (TAC) on 1-888-245-4860, advise the TAC generalist to collaborate the call down to the Business Center of FASS-MF. At this point there is no basis for a generalist to refer the caller to the MF Systems Helpdesk (e.g., TAC should not refer you to the MF Systems Helpdesk). Failure to coordinate these changes with REAC will result in erroneous annual financial statement (AFS) reporting periods. The FASS-MF team in REAC must modify the 'From' date on the first AFS after a change of fiscal year. FASS-MF in REAC must also override overdue tracking to prevent an erroneous referral to the Departmental Enforcement Center. Please understand that FASS-MF has a window of 30 days from the date of the e-mail flag, to do an override. If the 30-day window is missed, the owner will be referred to the DEC as a non-filer.

Transfers of Ownership - Financial Reporting
In a transfer of ownership, the old owner's (seller's) audit should cover the period from the beginning of the fiscal year through the day before the transfer. In most states ownership is legally transferred on the date the deed is signed. The new owner (buyer) is responsible for reporting from the date of the transfer through the end of the new owner's fiscal year.

Under no circumstances should the seller's audit 'zero out' fixed assets, cash, or reserve accounts because the seller is responsible for reporting up to the day before the transfer. For additional information, please refer to the Office of Asset Management Memorandum dated 6/22/04 listed below under 'Important Update' and click on 'read more.

FASS-MF offers a new M2M Link
to OAHP (Office of Affordable Housing Preservation), formerly OMHAR. This site provides Q & A on accounting and auditing issues unique to Mark-to-Market (M2M) properties, an e-mail address for specific questions, and other useful information. Please click the link:

Asset Management Update
The Office of Asset Management has updated the 'Submission and Review Requirements and REMS Critical Data Fields for Annual Financial Statements (AFS). Read More...