HUD Multifamily Audit Specialists — DC, Maryland & Virginia

    HUD Multifamily & MAP/LEAN Lender Audit — DC, Maryland & Virginia

    Quick Answer: What does HUD require from multifamily lenders and owners annually?

    HUD requires FHA-insured multifamily properties to submit annual audited financial statements to HUD within 60 days of fiscal year-end (90 days for properties with fewer than 50 units). Lenders originating HUD MAP/LEAN loans must submit annual audited financial statements showing minimum net worth of $1M and liquidity of $500,000 to maintain HUD lender approval.

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    HUD Multifamily Audit Challenges We Solve

    60-day HUD submission deadline is tighter than most financial statement audit timelines

    HUD audits require specific supplemental schedules not in standard GAAP audits

    Regulatory agreements with HUD restrict distributions without prior approval

    Replacement reserve and residual receipts accounts must reconcile to trustee statements

    MAP/LEAN lenders risk approval suspension for audit deficiencies

    HUD Multifamily Audit Services

    From property owner annual audits to MAP/LEAN lender financial statement requirements, we handle the full HUD submission package.

    HUD MAP/LEAN Lender Annual Audit

    Full GAAS audit of MAP and LEAN lender financial statements confirming minimum net worth of $1M and liquid assets of $500,000 per HUD approval requirements, submitted within 90 days of fiscal year-end.

    FHA-Insured Property Owner Annual Financial Statement Audit

    Audit of FHA-insured multifamily property financial statements meeting HUD submission requirements, including all required supplemental schedules and Mortgagor's Certified Statement preparation.

    HUD Supplemental Schedules Preparation

    Preparation of HUD-required supplemental schedules including the Mortgagor's Certified Statement of Income, Expenses, Assets, and Liabilities in HUD-prescribed format for inclusion with audited financial statements.

    Replacement Reserve & Residual Receipts Testing

    Audit procedures to confirm replacement reserve and residual receipts balances reconcile to trustee account statements, and that all disbursements from restricted accounts were HUD-approved and properly documented.

    Regulatory Agreement Compliance Review

    Review of the HUD Regulatory Agreement to identify distribution restrictions, reserve requirements, and required prior approvals — ensuring the property's operations remain in compliance with HUD covenants.

    HUD REAC Submission Support

    Assistance formatting and submitting audited financial statements to HUD REAC via the iREMS portal in the correct electronic format, meeting all HUD Uniform Financial Reporting Standards (UFRS) requirements.

    HUD Multifamily Annual Reporting Requirements

    EntityDeadlineRequired DocumentsCPA Required?
    FHA property owner (50+ units)60 days after FYEAudited F/S + HUD supplementalsYes — full audit
    FHA property owner (<50 units)90 days after FYEAudited F/S + HUD supplementalsYes — full audit
    MAP/LEAN lender90 days after FYEAudited F/S + net worth certificationYes — full audit
    HUD LIHTC overlay60 days after FYEAudited F/S + LIHTC compliance certYes — full audit

    Our HUD Multifamily Audit Process

    A 4-step process from HUD requirements review to REAC submission.

    1

    HUD Requirements & Regulatory Agreement Review

    Review the specific HUD Regulatory Agreement, FHA mortgage note, and HAP contract (if applicable) to identify all annual reporting requirements, deadlines, and restrictions applicable to the property or lender.

    2

    Financial Statement Preparation & Supplemental Schedules

    Prepare GAAP-compliant financial statements and all required HUD supplemental schedules — including the Mortgagor's Certified Statement — in HUD-prescribed format.

    3

    Audit Fieldwork & Reserve Account Testing

    Perform GAAS audit procedures including reconciliation of replacement reserves and residual receipts to trustee statements, testing of regulatory agreement compliance, and verification of HUD-required disclosures.

    4

    HUD REAC Submission

    Issue the CPA audit report and assist with electronic submission to HUD REAC via the iREMS portal in the correct format, meeting all Uniform Financial Reporting Standards requirements.

    HUD Multifamily Audit FAQs

    Common questions from FHA property owners and MAP/LEAN lenders in DC, Maryland & Virginia.

    HUD Deadlines Are Tight. We'll Meet Them.

    Whether you're an FHA-insured property owner or a MAP/LEAN lender, we deliver audit-ready HUD financial statement packages on time — every year.

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    Serving HUD multifamily properties and MAP/LEAN lenders in Washington DC, Maryland, Virginia, and the greater DMV area.