The Financial Management team is responsible for ensuring the ongoing long-term viability of RIHousing funded projects.
Throughout the life of a development, financial performance reviews will be conducted and may include:
- Annual Audited Financial Statements and Supplemental Information
- Mortgagor Compliance with all applicable regulatory requirements executed at closing
- Escrow analysis
- Interim Operating Statements
Financial audit information
To help you as a landlord or property manager, we have summarized the following information for common operating and financial audit matters.
Capital Improvements and Replacement Reserve Requests
Requests for capital improvements require the prior written consent of RIHousing. Requests should outline the need for the improvements, the timetable for completion, the cost estimate for the improvements and the desired source of funding. The cost estimate should include all labor, materials, taxes and permits necessary to complete improvements.
For items in excess of $10,000, three cost estimates should be provided for an identical work scope and specification provided to each contractor. Depending on the scope and scale of the work, technical assistance may be required by RIHousing’s Design and Construction division. Upon completion and inspection, funds may be requested from the Replacement Reserve Account to reimburse the Property Operating Account.
Please utilize the following template for replacement reserve requests:
Replacement Reserve Request Template
Surplus Cash Flow
Owners of developments funded by RIHousing are eligible for a distribution of surplus cash as specified in the legal and regulatory documents of each transaction.
This cash flow is requested with the submission of each year’s financial audit. In order to ensure that funds available for distribution are being determined in the most consistent and accurate manner, the annual financial reports must include the HUD Form 93486, Statement of Surplus Cash.
Manager of Multi Family Financial Assets