|Re: Recent FHA Project Approval and FHA Application cost directly from HUD||<– Date –> <– Thread –>|
|From: lamaiacoleman [at] yahoo.com (lamaiacolemanyahoo.com)|
|Date: Wed, 26 Aug 2020 21:54:09 -0700 (PDT)|
Thanks, Janet. We assume also assume we need to use double entry, accrual basis. While we know it would meet the requirements, we haven't been able to determine of something lesser would also suffice.In the mean time, we were able to talk directly to HUD and apparently HUD does not charge an application fee for FHA project approval and while HOA's typically hire a company to do it, some communities have been successful doing it independently.Lamaia Message: 1 Date: Mon, 24 Aug 2020 18:19:25 -0600 From: Janet Boys <jboys [at] temple.edu> To: cohousing-l [at] cohousing.org Subject: Re: [C-L]_ [External] Recent FHA Project Approval? Message-ID: <CAOxYpmCB_z0Ywk_KhmNh=-WPu3DWYYx7yoduTaEP64S40ZvVDg [at] mail.gmail.com> Content-Type: text/plain; charset="UTF-8" I'm sorry that I do not know FHA requirements. But I am guessing that a double entry accounting system would be required. It is the standard for accounting. Ordinary taxpayers use cash basis. Businesses use accrual basis. Good luck. Janet Boys Aria Cohousing Community On Mon, Aug 24, 2020 at 4:54 PM lamaiacoleman--- via Cohousing-L < cohousing-l [at] cohousing.org> wrote: > At Southside Park Cohousing in Sacramento, CA, we are trying to obtain FHA > project approval so that members can access reverse mortgages and buyers > can get FHA loans. We've run into problems on a couple of grounds, with > our accounting being one of them. We use single entry, cash basis > accounting. We're trying to figure out if we moving to a double entry, > accrual basis is required or if a lower bar fix will work. > For coho's with recent FHA approvals, do you use cash basis or accrual > basis accounting? Also, do you use single or double entry?Finally, does > anyone happen to know the charge directly from HUD for FHA approval and / > or re-approving?Thanks!Lamaia Coleman > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://L.cohousing.org/info > > > > -- Janet Boys (267) 235-3014 *Campaign Donations Are Killing Our Nation. * Help build the movement to get $$$ out of politics, it?s the only way to get our democracy back. Download this email signature at StampStampede.org/signature <https://www.stampstampede.org/signature/>
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