Audit 399327

Assistance Listing (Federal award identification number and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Assistance Listing No. 14.155 Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding. Sample size information: The sample size is not applicable to the finding. Statistically valid sample: Not applicable Name of Federal agency: U.S. Department of Housing and Development Pass-through entity: Not applicable Questioned costs: Not applicable Statement of condition 2025-001: The Corporation did not provide HUD with a completed annual financial report by March 31, 2026, as required by HUD. Criteria: Pursuant to the terms of the use agreement, within ninety (90) days following the end of each fiscal year, the Corporation shall provide a complete annual financial report based upon an examination of the books and records of the Community prepared in accordance with the requirements of HUD and certified by a Certified Public Accountant or other person acceptable to the Commissioner. Effect: The Corporation was not in compliance with the Regulatory Agreement. Cause: Due to administrative delays, the Corporation did not submit the audited financial statements to HUD by March 31, 2026. Recommendation: The annual financial statements should be issued in a timely manner pursuant to the time frame set forth by HUD. Management's response: Management concurs with the finding and agrees with the recommendation. The audit report as of and for the year ended June 30, 2025 has been submitted to HUD. No further action is required.