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38 U.S.C. § 2054 — Audit

submitted 28 years ago by Pub. L. 105-368 to r/title-38-VETERANS-BENEFITS · 109 words · no verdicts yet

in plain englishAI-generated · not legal advice

A guaranteed multifamily transitional housing project must receive independent annual audits during its first three operating years. After that, the Secretary may require periodic audits.

(a) During each of the first three years of operating a multifamily transitional housing project with a guaranteed loan, an independent audit must be performed each year. It must give a detailed statement of the project’s operations, activities, and accomplishments during the audited year. Before the Secretary issues the guarantee, the parties must decide who will obtain the audit and pay for it. (b) After the first three operating years, the Secretary may arrange periodic audits.
the actual law source: uscode.house.gov ↗public domain
(a)

During each of the first 3 years of operation of a multifamily transitional housing project with respect to which a loan is guaranteed under this subchapter, there shall be an annual, independent audit of such operation. Such audit shall include a detailed statement of the operations, activities, and accomplishments of such project during the year covered by such audit. The party responsible for obtaining such audit (and paying the costs therefor) shall be determined before the Secretary issues a guarantee under this subchapter.

(b)

After the first three years of operation of such a multifamily transitional housing project, the Secretary may provide for periodic audits of the project.

Source credit: (Added Pub. L. 105–368, title VI, § 601(a), Nov. 11, 1998, 112 Stat. 3345, § 3775; amended Pub. L. 106–117, title VII, § 712, Nov. 30, 1999, 113 Stat. 1584; renumbered § 2054, Pub. L. 107–95, § 5(d)(1), Dec. 21, 2001, 115 Stat. 918.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-368 · 112 Stat. 3345
  • 1999Amended · Pub. L. 106-117 · 113 Stat. 1584
  • 2001Amended · Pub. L. 107-95 · 115 Stat. 918

A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-368 on 1998-11-11.

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