On Aug. 23, HUD issued letter re loan guarantee year end closure.
HUD issued Lender Letter 2024-08 re the start of FY 2024 financial closeout for the section 184 loan, the section 184A loan, and the title VI loan guarantee programs.
Background and Closeout Process
At the end of every FY, HUD suspends activity for Section 184, Section 184A, and Title VI programs to reconcile financial accounts and setup accounting codes for the next FY.
Starting Sep. 22, 2024, HUD will begin financial year end closeout for FY 2024, Section 184 and Title VI programs will cease issuing cohort numbers after Sep. 24, 2024.
Section 184A program will cease issuing cohort numbers for requests received after 11:59 HST the same day, but will issue case numbers and loan guarantee certificates.
Lenders may continue to submit requests for cohort numbers during the closeout period, and these will be reviewed and responded to upon re-opening in FY 2025.
HUD will send out an Office of Loan Guarantee INFO announcement notifying Lenders and other stakeholders of the end of closeout period, and posted on program websites.
Request for Comments
HUD welcomes feedback for a period of 30 calendar days from the date of issuance.
Effectiveness
Financial closeout process for aforementioned programs will begin on Sep. 22, 2024.
