FAC Explorer

Audit 369518

FY End
2024-12-31
Total Expended
$4.97M
Findings
1
Programs
2
Organization: Ogden Housing INC (CT)
Year: 2024 Accepted: 2025-09-30
Auditor: Bailey Moore Glazer Schaeffer & Proto LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1157222 2024-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $2.79M Yes 1
14.195 Section 8 Housing Assistance Payments Program $2.18M Yes 0

Contacts

Name Title Type
N7FBDHUL8737 Sabine Cox Auditee
2032304809 Brian S Borgerson CPA Auditor
No contacts on file

Notes to SEFA

Ogden Housing, Inc. has received a U.S. Department of Housing and Urban Development loan guarantee under section 223(f) of the National Housing Act. The insured loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Ogden Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2024, consists of: Program Name ALN Mortgage insurance 14.155 $ 2,697,479

Finding Details

Finding 2024-001
Finding number :2024-001 ALN: 14.155 Mortgage Insurance Grantor: HUD Questioned Costs$0 Description of Condition: Not-for-profit projects are generally not allowed to make distributions of project funds. Condition: A distribution was made to the Project sponsor in the amount of $488,052. The Project would have been allowed a distribution of $75,476 under the terms of the GRP grant program they participated in. Cause of Condition: The Project under went a conversion to a mark-to-market rent structure. There was some confusion about the ability to distribute excess funds based on this conversion. Effect of Condition: Residual receipts account is under funded by $412,576. Recommendations: The Project has applied to HUD for a waiver of the distribution limitation retroactively to last year and forward to future years. This request is still pending. Should the request be denied the sponsor will return the distributed funds in excess of the amount allowed by the GRP grant terms.