Audit — Us Code Code § 2054
Us Code Code § 2054 — Audit. Reproduced from the official United States Code, with a citation summary, verification link, and related provisions.
§ 2054. Audit
(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), Dec. 21, 2001, 115 Stat. 918.)
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.
SUBCHAPTER VII—OTHER PROVISIONS
About This Section
38 U.S.C. § 2054 is part of Title 38 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 38 U.S.C. § 2054. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
How to Read This Statute
Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.
Using This Page
This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.