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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.

Nonsection 8 Contract Administration

Transfer of Physical Assets (TPA)

A Transfer of Physical Assets (TPA) requires CalHFA approval as indicated in the Regulatory Agreement for the project. Prior to transfer, the Agency must approve the Purchaser and Management Agent. The purchaser is not authorized to transfer any interest in, take possession of, or assume the burdens and benefits of ownership of the subject development without the prior written approval of CalHFA.

A transfer will be permitted where Agency interests in the development are adequately protected. Approval will be conditional on the correction of any physical or financial condition which threatens the viability of the development as security for the loan or which undermines the achievement of the Agency's public purpose in providing the loan. Any deficiencies in operations, physical condition or financial status of the development will be identified during the review process and binding written conditions addressing deficiencies will be developed. These conditions will be incorporated in the Agency's approval letter together with the general requirements. Approval will always be conditional upon the transferee's assumption of the obligations of the Regulatory Agreement and other loan documentation.


Any TPA request should be directed to the assigned Asset Manager by US mail or emailed in PDF format.

Mailing Address

Sacramento Office
P.O. Box 4034 MS 1430
Sacramento, CA 95812-4034
Attn: Assigned Asset Manager

Culver City Office
100 Corporate Pointe, Ste. 250
Culver City, CA 90230
Attn: Assigned Asset Manager