(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.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)2054,, 115 Stat. 918.EDITORIAL NOTES
AMENDMENTS2001- Pub. L. 107-95 renumbered section 3775 of this title as this section. 1999- Pub. L. 106-117 designated existing provisions as subsec. (a) and added subsec. (b).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE Section effective Oct. 1, 1998, see section 602(f) of Pub. L. 105-368 set out as an Effective Date of 1998 Amendment note under section 2106 of this title.