FAC Explorer

Audit 371649

FY End
2024-12-31
Total Expended
$6.11M
Findings
2
Programs
1
Organization: Meadow Lane Housing Development Fund Company, Inc. (NY)
Year: 2024 Accepted: 2025-10-31
Auditor: PKF O'CONNOR DAVIES LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1161702 2024-001 Material Weakness Yes E
1161703 2024-001 Material Weakness Yes E

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $404,667 Yes 1

Contacts

Name Title Type
HE5WV42EMKV4 Christina Villanueva Auditee
9146322804 Jennifer Galasso Auditor
No contacts on file

Notes to SEFA

The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Meadow Lane Housing Development Fund Company, Inc. (the “Organization”) under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, change in net assets or cash flows of the Organization.
The Organization received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 is $5,708,800.

Finding Details

Finding 2024-001
Finding 2024-001: Eligibility Federal Assistance Listing Number: 14.157 Name of Federal Program or Cluster: Supportive Housing for the Elderly Agency: U.S. Department of Housing and Urban Development Criteria: Under the terms of its federal grant, beneficiaries of the housing developed under this program must be elderly (62 years of age or older) and have qualifying very low-incomes. Condition: Not all tenants currently occupying the Project are aged 62 or older. Questioned Costs: None. Context As of the year ended December 31, 2024, 1 unit, out of the total population of 32 units, has been identified as housing age ineligible tenants. Cause: Meadow Lane Housing Development Fund Company, Inc. initially applied for HUD funding as part of the Section 202/8 program which allows for the leasing of units to individuals that are either elderly or handicapped. Additionally, management submitted their initial marketing plan in which they included that they expect to lease units to elderly and handicapped individuals. The Project ultimately was funded by the Section 202 program which only allows for elderly tenants. During initial lease up, a number of ineligible tenants moved into the Project. Effect. Meadow Lane Housing Development Fund Company, Inc. did not comply with HUD’s eligibility requirements.