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Frequently Asked Questions Asset Management: General Reporting

• What do I have to submit to WHEDA?
  
• What are WHEDA's audit requirements?
• What information is required in the tenant file?
• What if my bank account changes?

Other Questions

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What do I have to submit to WHEDA? 

Information we require will vary from development to development based on your overall risk assessment. At a minimum you will be required to submit the following:

• Owners Compliance Certificate (PDF)
• Annual Audit - Schedule of Profit and Loss (PDF)    EXE Version
• Annual Audit - Schedule of Assets, Liabilities and Equity (PDF)    EXE Version
• Capital Budget Form and Instructions (PDF)    EXE Version    Instructions (PDF)
• Quarterly Occupancy Reporting Instructions (PDF)

Refer to Financed Multifamily Properties Servicing Forms for other forms.

You may be required to submit additional information as determined by your Asset Manager or regulatory agreements.

What are WHEDA's audit requirements? 

We update the requirements for audits each year around November. Current Audit Requirements.

What information is required in the tenant file? 

1. Application
2. Signed and dated HUD-50059 form for project based Section 8 properties. Signed tenant income certification for all other properties.
3. Move in/move out dated and signed checklist.
4. Citizenship 214 Declaration only for project based Section 8 properties. See HUD handbook 4350.3 Exhibit 3-5 for sample declaration form.
5. HUD Form 9887 and 9887A Notice and consent for release of information for project based Section 8 property. Appropriate signed release forms with verifications for all other properties.
6. Third party income, asset, and expense verifications.
7. Disposal of assets form.
8. Appropriate lease and amendments, signed and dated.
9. Resident Rights and Responsibilities brochure for project based Section 8 properties.
10. Lead Base paint disclosure for project based Section 8 properties
11. Documentation of annual unit inspections.
12. Initial letter to tenant regarding Annual Re-certification for project based Section 8 properties.
13. HUD Fact Sheet for Section 8 properties only. See HUD Handbook 4350.3 Appendix 14.
14. Criminal background check documentation for Section 8 properties.
15. Any documentation used to verify and/or determine eligibility.

What if my bank account changes? 

We will need a new Automatic Clearing House (ACH) agreement completed when bank account information changes. Please allow 30 days for processing the new information.