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.
Section 8 Contract Administration
The California Housing Finance Agency (CalHFA) serves as a Traditional Contract Administrator on behalf of Housing Urban Development (HUD) for project-based Section 8 in California. Under the program, a Housing Assistance Payment (HAP) contract is entered between HUD and the project's owner for a specific period of time, generally 30 years. Eligible tenant generally pay the greater of 10% of their gross annual income or 30% of adjusted income toward rent and HUD provides the HAP subsidy for the remaining portion of the rent to the owner.
As Contract Administrator, CalHFA processes monthly tenant and voucher requirements, processes HAP payments, performs annual audits and budgets review, processes rent and utility adjustments, processes reserve reimbursement, perform physical site inspection and responds to tenant complaints related to the project.