Title 38, Veterans' BenefitsRelease 119-102
§2054 Audit
Title 38 › PART II — GENERAL BENEFITS › CHAPTER 20 — BENEFITS FOR HOMELESS VETERANS › SUBCHAPTER VI — LOAN GUARANTEE FOR MULTIFAMILY TRANSITIONAL HOUSING › § 2054
Summary
Guaranteed-loan transitional housing projects must have an independent annual audit for their first three years that reports on operations and results. Who hires and pays for the audit must be decided before the loan guarantee is issued. After the first three years, the Secretary may require periodic audits.
Full Legal Text
Title 38, §2054
Veterans' Benefits, Source: USLM XML via OLRC
(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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2001—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.
Reference
Citations & Metadata
Citation
38 U.S.C. § 2054
Title 38, Veterans' Benefits
Last Updated
Aug 21, 2026
Release point: 119-102