Hud Form 93486

What is the HUD Form 93486

The HUD Form 93486, also known as the Surplus Cash Calculation form, is a crucial document used in the multifamily housing sector. It helps property owners and managers determine the amount of surplus cash available for distribution to owners after covering all operating expenses, debt service, and reserves. This form is essential for compliance with the U.S. Department of Housing and Urban Development (HUD) regulations, ensuring that funds are allocated properly and transparently.

Steps to Complete the HUD Form 93486

Completing the HUD Form 93486 involves several key steps to ensure accuracy and compliance. First, gather all necessary financial documents, including operating statements and cash flow reports. Next, input the total revenue generated by the property, followed by listing all operating expenses. Deduct these expenses from the total revenue to determine the net operating income. After that, account for any required reserves and debt service payments. Finally, calculate the surplus cash by subtracting these amounts from the net operating income. Each step must be carefully documented to support the calculations made.

Legal Use of the HUD Form 93486

The legal use of the HUD Form 93486 is governed by specific regulations set by HUD. This form must be completed accurately and submitted in accordance with HUD guidelines to ensure that the surplus cash calculation is valid. Misrepresentation or errors in the form can lead to legal consequences, including penalties or loss of funding. It is essential to maintain compliance with all relevant laws and regulations when using this form, as it serves as an official record of financial transactions related to multifamily housing.

How to Obtain the HUD Form 93486

The HUD Form 93486 can be obtained directly from the HUD website or through local HUD offices. It is typically available as a downloadable PDF, allowing users to fill it out digitally or print it for manual completion. Additionally, property management software may offer integrated access to this form, streamlining the process for users. Ensure that you are using the most current version of the form to comply with all regulatory requirements.

Key Elements of the HUD Form 93486

Several key elements must be included in the HUD Form 93486 to ensure its validity. These elements include:

• Property Information: Details about the property, including its address and ownership structure.
• Financial Data: Comprehensive financial statements that reflect the property's income and expenses.
• Surplus Cash Calculation: A clear breakdown of how surplus cash is determined, including all deductions and calculations.
• Signature Section: Required signatures from authorized individuals to validate the form.

Form Submission Methods

The HUD Form 93486 can be submitted through various methods, depending on the requirements set by HUD. Common submission methods include:

• Online Submission: Many users opt to submit the form electronically through HUD's online portal, ensuring quick processing.
• Mail: The form can also be printed and mailed to the appropriate HUD office for review.
• In-Person: Some may choose to deliver the form in person to their local HUD office, allowing for immediate confirmation of receipt.