REAC Inspections
to its management operations clients.
Any multifamily housing property with a HUD insured loan and/or subsidy is subject to periodic
REAC Inspections under HUD's new NSPIRE protocols. HUD requires these physical inspections
to ensure families have housing that is decent, safe, sanitary and in good repair.
The breadth
of these inspections, the complexities of the scoring criteria and some inconsistencies with inspectors
can make it difficult for managers and owners to stay in compliance.
Inspection Score reports can only be accessed in the INSPIRE log in portal, but you must first have a
HUD Secure System WASS (Web Access Secure System) Coordinator or User ID. HUD monitors those
scores for ongoing compliance and asset management oversight.
REAC Scores are also reported when submitting for previous participation approval (via a
HUD 2530). A low REAC Inspection score can result in a Flag, which may prevent an owner
or management agent from being approved to participate in future HUD programs.
FASSUB
Murphy Consulting assists owners, management agents and auditors with HUD Secure System
access issues relating to financial reporting in FASSUB, including terminated ID's, Auditor
assignments, problems with incorrect Tax ID #'s, and properties not populating correctly in the
system. We can also submit your Stub Period Waiver request.
The Financial Assessment Sub-System (FASSUB) is required to be used by multifamily rental
properties and healthcare facilities with HUD insured loans. Whether your property qualifies to
submit Owner-certified financials or must submit Audited Financial Statements, gaining and
maintaining access year to year is critical to meeting your filing deadlines and avoiding HUD
Flags for non-compliance.
FASSUB is part of the HUD Web Access Secure System (WASS), a secure single sign-on portal
that is also the gateway for APPS, EIV, eLOCCS and more. Its use became mandatory in 2008
to transmit annual financial statement data to HUD for assessing the ongoing financial condition
of properties.
Newly financed properties may qualify for a Stub Period Waiver in the first fiscal year, which
allows partial year reporting to be rolled into the first full fiscal year. Waiver requests must be
submitted electronically thru FASSUB for approval.