HUD Audit Services for Multifamily Housing

We audit HUD-assisted and HUD-insured multifamily housing and public housing authorities, working with owners and their property management companies across Illinois. HUD engagements are a distinct discipline: the reporting formats are prescribed, the deadlines are unforgiving, and the filing runs through HUD’s electronic systems — which is exactly why owners bring them to a firm that does compliance audits every day.

The three engagement types we take

For-profit multifamily owners — audited financial statements under the HUD Consolidated Audit Guide. Nonprofit owners — audits under the federal Single Audit framework. Public housing authorities — audits under their own HUD requirements. Whichever structure you have, the engagement is planned around HUD’s filing calendar from day one.

The deadline owners underestimate

HUD multifamily financial statements are due through REAC within 90 days of fiscal year end — and that clock binds nonprofit owners too: at least an owner-certified submission must be filed by the 90-day date even though the audited Single Audit submission isn’t due until nine months after year end. Organizations that think in Single Audit time discover the mismatch too late. Past the deadline, a short grace period applies, and then consequences escalate: compliance flags in HUD’s financial assessment systems, civil money penalties, and referral to HUD’s Departmental Enforcement Center, with the compliance record affecting future program participation. Most of the battle is simply planning the engagement backward from day 90 instead of from a normal audit-season calendar.

How the engagement actually works

Day to day, we work primarily with your property management company — in most engagements the management company holds the majority of what the audit requires. Owners and direct staff step in for the items the management company doesn’t have access to or knowledge of, and we keep that list short and specific. Most clients handle their REAC electronic submissions themselves; when your team wants assistance, we provide it.

Our process

Before fieldwork begins you receive a complete request list, a timeline, and a responsibility map, followed by weekly status updates — built backward from your HUD filing dates.