At what point will a PHA know if their submission has been accepted or rejected?
Approximately, 21 days after receipt of the financial submission, REAC will either accept, conditionally accept or reject the financial submission. To avoid a Late Presumptive Failure (LPF) score of zero and a Substandard Financial Public Housing Assessment System (PHAS) designation, REAC encourages Public Housing Agencies to review their Financial Submission In-box on an ongoing basis after submission to REAC in order to correct any Rejection issues in a timely manner. Some LPF scores of zero and PHAS Substandard Financial designations commonly occur as a result of a PHA’s failure to correct Rejection issues by the submission due date. Accordingly, we encourage early submission of financial data in order to solve rejection issues well before the financial submission due date. In fact, PHA’s may submit and resubmit multiple corrected financial submissions as many times as necessary before the submission due date.
