The Arizona Department of Housing (ADOH) is providing guidance regarding the ten percent test submittal due June 29, 2020 and ADOH loan payments due on or before June 30, 2020. ADOH will waive the $250 per day ten percent test late fee pursuant to Section 6.4 of the 2019 QAP for ten percent tests that are due June 29, 2020. Please be advised that this is not an extension of the statutory deadline to complete the ten percent test within one year of the effective date of the Carryover Allocation.
Additionally, the Department is reminding borrowers that requests to defer loan payments are reviewed and approved on a case by case basis, based upon the inability to make the payment as demonstrated by financial statements for the year of the applicable period for which the payment is due. ADOH may also consider current operations in its determination whether to defer a payment, if all property reserves have been expended in accordance with the Project’s Operating Agreement, due to tenants’ inability to pay rent.
