FAC Explorer

Audit 327520

FY End
2024-06-30
Total Expended
$11.92M
Findings
2
Programs
2
Organization: Homecrest House (MD)
Year: 2024 Accepted: 2024-11-06
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
504823 2024-001 Material Weakness - A
1081265 2024-001 Material Weakness - A

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $8.63M Yes 0
14.195 Section 8 Housing Assistance Payment Program $3.29M Yes 1

Contacts

Name Title Type
CK6VVW3KKRJ5 Mike Goldman Auditee
3015984000 Russell Phillips Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 3 - U.S. Department of Housing and Urban Development loan program Homecrest House has received a loan insured by the U.S. Department of Housing and Urban Development under Section 207 of the National Housing Act of 1959. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Homecrest House received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of: CFDA number 14.155 Program Name Mortgage Insurnace for the Purchase or Refinancing of Existing Multifamily Housing Projects Oustanding Balance at June 30, 2024 $8,455,244. De Minimis Rate Used: N Rate Explanation: N/A Note 3 - U.S. Department of Housing and Urban Development loan program Homecrest House has received a loan insured by the U.S. Department of Housing and Urban Development under Section 207 of the National Housing Act of 1959. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Homecrest House received no additional loans during the year. The balance of the loan outstanding at June 30, 2024 consists of: CFDA number 14.155 Program Name Mortgage Insurnace for the Purchase or Refinancing of Existing Multifamily Housing Projects Oustanding Balance at June 30, 2024 $8,455,244.

Finding Details

Finding 2024-001
During the procedures applied to a sample of tenant lease files, we noted the following instances of noncompliance with HUD regulations regarding dissemination of Electronic Income Verification ("EIV") information: 21 instances were noted where EIV information was provided in electronic format to the independent public auditor.
Finding 2024-001
During the procedures applied to a sample of tenant lease files, we noted the following instances of noncompliance with HUD regulations regarding dissemination of Electronic Income Verification ("EIV") information: 21 instances were noted where EIV information was provided in electronic format to the independent public auditor.