Accounting Brief #28, Financial Reporting for GASB 87 Leases
HUD recently issued Accounting Brief #28, Financial Reporting for GASB 87 Leases. This accounting brief provides users with a framework for accurately recording and reporting leases on the financial statements and Financial Data Schedule (FDS). Additionally, it includes implementation examples tailored to common housing authority leasing arrangements.
The following table summarizes the reporting locations for activities and balances related to transactions involving both Lessors and Lessees:
For comprehensive guidance on recording lease entries on the FDS, click here.
PIH Notice 2024-09, Extension of TAR Adjustment
In February 2022, HUD communicated an adjustment to the Tenant Accounts Receivable (TAR) sub-indicator under the Management Assessment Subsystem (MASS) indicator in response to various eviction moratoria due to COVID-19 implications. It was initially anticipated that the adjustment for the fiscal year 2022 would be sufficient. However, during the fiscal year 2023, Public Housing Authorities (PHAs) continued to experience unprecedented TAR balances. PIH Notice 2024-09, issued in April 2024, extends the adjustment of the standard under the MASS indicator for the TAR sub-indicator for the fiscal year 2023 Public Housing Assessment System (PHAS) assessment cycle.
PHAs will be scored for their TAR as noted below:
To learn more, click here.
PIH Notice 2024-11, MTW VMS Reporting Updates
Earlier this month, HUD issued PIH Notice 2024-11 to inform MTW Agencies of a new requirement regarding VMS reporting. The primary goal is to improve the transparency of MTW HCV utilization. Therefore, MTW agencies must report their planned uses of MTW HCV reserves in VMS each quarter.
Previously, VMS reporting was optional. However, beginning with the quarter ended June 30, 2024, the first required submission will be due. At a minimum, MTW agencies must report the status of their commitment and obligation activities at the end of each calendar year quarter, as specified in the table below. While MTW agencies may opt to report this information monthly, HUD will only download and publish the data on the MTW HCV Utilization Dashboard quarterly.
To learn more, click here.
Embracing Fair Housing Month: Equality Starts at Home
Fair Housing Month is observed every April in the United States to raise awareness about equitable housing opportunities for all Americans, regardless of race, color, religion, sex, national origin, familial status, or disability. It commemorates the successful passing of the Fair Housing Act of 1968, a landmark civil rights law signed by President Lyndon B. Johnson. It prohibits discrimination in selling, renting, advertising, and financing houses based on these protected characteristics.
To learn more, click here.
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