FAC Explorer

Audit 400495

FY End
2025-12-31
Total Expended
$12.23M
Findings
1
Programs
3
Organization: Southwest 141 Street Housing Development Fund Company, Inc. (NY)
Year: 2025 Accepted: 2026-05-04
Auditor: CITRIN COOPERMAN & COMPANY LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1213585 2025-001 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $9.39M Yes 0
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $1.72M Yes 0
14.239 HOME INVESTMENT PARTNERSHIPS PROGRAM $1.12M Yes 1

Contacts

Name Title Type
CJDHBKACPKC4 Erika Brandt Auditee
6469011144 Paige Jacobsen Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Southwest 141 Street Housing Development Fund Company, Inc., (the "Organization"), under programs of the federal government for the year ended December 31, 2025. 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 deficit, or cash flows of the Organization.
The Organization has received funding under the U.S. Department of Housing and Urban Development ("HUD") Mortgage insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects, Federal Assistance Listing Number 14.155, and HOME Investment Partnerships Program, Federal Assistance Listing Number 14.239. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The balance of the loans outstanding at December 31, 2025, consisted of the following: Federal Assistance Listing Number Program Name Outstanding Balance at December 31, 2025 14.155 Mortgage insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects $ 9,183,396 14.239 HOME Investment Partnerships Program 1,119,297 $ 10,302,693

Finding Details

Finding 2025-001
Finding No. 2025-001: Financial Reporting (Material Weakness) Federal Agency: U.S. Department of Housing and Urban Development Federal Program Title: HOME Investment Partnerships Program Federal Assistance Listing Number: 14.239 Compliance Requirement: Reporting Condition Southwest 141 Street Housing Development Fund Company, Inc. (the "Organization") did not have adequate controls over the financial reporting process and, as a result, material adjustments to its SEFA were required. Criteria The Organization should maintain appropriate controls over the financial reporting process to prevent or detect material misstatements in its SEFA. Cause The Organization did not have sufficient controls over the financial reporting process to allow for accurate SEFA preparation. Effect Material adjustments were made to the SEFA for the inclusion of an additional program and related amount. Auditor non-compliance code S - Internal control deficiencies Identification of repeat finding The finding is a not repeat finding. Questioned costs None Finding resolution status This finding has been remediated. Recommendation The Organization should review and enhance its internal controls, policies and procedures to ensure complete and accurate reporting.