FAC Explorer

Audit 401241

FY End
2025-12-31
Total Expended
$1.47M
Findings
1
Programs
3
Organization: Metzger Park Apartments Inc. (OR)
Year: 2025 Accepted: 2026-05-12
Auditor: MCDONALD JACOBS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1214578 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.186 MORTGAGE INSURANCE_EQUITY LOANS $762,253 Yes 1
14.239 HOME INVESTMENT PARTNERSHIPS PROGRAM $664,638 Yes 0
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $40,378 Yes 0

Contacts

Name Title Type
Z2H1LQJDDJK7 Rachael Duke Auditee
5032934038 Gerard Deblois Auditor
No contacts on file

Notes to SEFA

BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the schedule) includes all federal grant activity of Metzger Park Apartments, Inc. 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 the 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 Metzger Park Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Metzger Park Apartments, Inc.. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
INDIRECT COSTS Metzger Park Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
LOANS OUSTANDING Metzger Park Apartments, Inc. has the following federal loan balances outstanding at December 31, 2025. These loan balances outstanding are included in the federal expenditures presented in the schedule.

Finding Details

Finding 2025-001
Finding # 2025-001 Type: Noncompliance Assisting Listing Number: 14.186 Federal Agency: U.S. Department of Housing and Urban Development (HUD) Name of Federal Program: Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) Requirement: The HUD Regulatory Agreement requires the Project to make monthly deposits to the replacement reserve of $2,249 through July 31, 2025. Effective August 1, 2025, the required monthly deposit increased to $2,367, as provided in HUD‑9520. Condition: The replacement reserve account was underfunded by $2,249 at December 31, 2025. Context: Management did not increase monthly deposit amount from $2,239 to $2,367 effective August 1, 2025, as required. In addition, the Project was underfunded by $12,279 at December 31, 2024, of which only $10,670 was deposited during 2025. Cause: The underfunding partially resulted from an oversight by management in updating the required monthly deposit amount effective August 1, 2025. Additionally, the Project was unable to fully fund the required catch‑up deposits due to cash flow constraints. Effect: The Project was not in compliance with the HUD Regulatory Agreement related to replacement reserve funding requirements. Questioned Costs: None Recommendation: We recommend that management update the monthly replacement reserve deposit to $2,367 in accordance with the HUD Regulatory Agreement and make the remaining catch‑up deposit of $2,249 as soon as feasible. Management’s Response: Management agrees with the recommendation.