USDA-RHS recently released an Unnumbered Letter (UL) to clarify allowable expenses charged against project income in RD-financed Section 515 and Section 514 multifamily properties.
The Office of the Inspector General (OIG) previously conducted an audit of expenses charged to properties financed under the Multi-Family Housing (MFH) Direct Loan programs. A recommendation agreed to by the Agency was a periodic reminder to program participants about allowable and unallowable expenses.
The Agency previously issued a UL on this subject on January 22, 2016 and will continue to issue periodic updates to this UL subject.
To view this Unnumbered Letter online, please click here.