§3938 Annual Report of Corporation; Audit of Accounts

Summary

The corporation must send the President an annual report for Congress within six months after its fiscal year ends. The report must sum up the corporation’s and its partnership’s operations, activities, and finances, and show, as a percentage of equity and in dollars, how much was invested in low‑ or moderate‑income housing, in other housing, and in activities under section 3936(a)(4). The corporation’s and the partnership’s accounts must be audited each year by independent certified public accountants or state‑licensed public accountants using generally accepted auditing standards.