Audited Financial Statements Handbook
The California Department of Housing and Community Development (HCD) and the California Housing Finance Agency (CalHFA) have revised (September 2016) the joint Audited Financial Statements Handbook for projects administered under both Departments either jointly or individually. Audits submitted to HCD or CalHFA must adhere to this joint Audited Financial Statements Handbook. HCD and CalHFA have been coordinating selected administrative functions such as the joint Audited Financial Statements Handbook to improve the State's ability to serve and coordinate housing needs and to achieve administrative efficiencies.
Compliance & Reporting
CalHFA provides financing for multifamily projects through the sale of its tax-exempt revenue bonds. As required by Internal Revenue Code, the operation and management of each project financed through the issuance of tax-exempt bonds must be monitored throughout the Qualified Project Period to ensure compliance with the applicable provisions of State and federal law and with the Regulatory Agreement.
The agency oversees the multifamily projects in order to preserve their value, provide long term, quality affordable housing to tenants, protect the agency's assets and bondholder's investments. The project owners and agents are subject to the Regulatory Agreement and all other Loan Documents related to the project.