FAC Explorer

Audit 389804

FY End
2025-06-30
Total Expended
$18.33M
Findings
1
Programs
2
Organization: Queens B'nai B'rith Housing Development Fund Company INC (NY)
Year: 2025 Accepted: 2026-03-02
Auditor: HOBERMAN & LESSER CPAS LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1175838 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $14.75M Yes 1
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $3.58M Yes 0

Contacts

Name Title Type
FBK6M7TG5FM1 David Wanetik Auditee
7183581166 Steven Lesser Auditor
No contacts on file

Notes to SEFA

The Housing Company refinanced its mortgage in October 2024 in the amount of $14,750,000 and is included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at June 30, 2025 is $14,496,271.

Finding Details

Finding 2025-001
Criteria - The Housing Company’s regulatory agreement with HUD requires the Housing Company to maintain a Residual Receipts Reserve. Condition - During the audit, we determined that the residual receipts reserve was not funded during the refinance of the mortgage. Effects - The Housing Company is not in compliance with the Regulatory Agreement. Cause - During the mortgage refinancing, the new mortgage company failed to create and properly fund the residual receipts reserve. Recommendation - The Housing Company should create and fund the Residual Receipts Reserve account immediately. Views of Responsible Official The Housing Company agrees with the finding and will adhere to the corrective action plan.