FAC Explorer

Audit 408975

FY End
2025-12-31
Total Expended
$2.29M
Findings
2
Programs
3
Organization: Retired Steelworkers Housing and Health Development Corporation (FL)
Year: 2025 Accepted: 2026-08-12
Auditor: BELLOWS ASSOCIATES P A

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1226337 2025-001 Material Weakness Yes N
1226338 2025-002 Material Weakness Yes E

Programs

ALN Program Spent Major Findings
14.103 INTEREST REDUCTION PAYMENTS RENTAL AND COOPERATIVE HOUSING FOR LOWER INCOME FAMILIES $1.37M Yes 2
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $707,825 Yes 0
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $209,361 Yes 0

Contacts

Name Title Type
J5FMVR8LENF5 Irene Phillips Auditee
9548359200 Jennifer R. Koffman Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Retired Steelworkers Housing and Health Development Corporation, HUD Project No. 034- 45003, and is presented on the accrual basis of accounting. 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 Retired Steelworkers Housing and Health Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Retired Steelworkers Housing and Health Development Corporation.
Retired Steelworkers Housing and Health Development Corporation has received a HUD mortgage restructuring note under Section 236 of the National Housing Act and a mortgage refinancing loan under Section 207/223(f) of the National Housing Act. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Retired Steelworkers Housing and Health Development Corporation received no additional loans during the year. The following loans were outstanding as of December 31, 2025: Section 236 Interest Reduction Payments - Mortgage Restructuring Note was $1,372,157 and Section 207/223(f) Mortgage Refinancing loan was $190,945.

Finding Details

Finding 2025-001
FINDING No. 2025-001: Section 236 Interest Reduction Payments, ALN 14.103 Finding Resolution Status: Unresolved. Information on Universe Population Size: All replacement reserve deposits for the year ended December 31, 2025. Sample Size Information: All replacement reserve deposits for the year ended December 31, 2025. Identification of Repeat Finding and Finding Reference Number: No. Criteria: In accordance with HUD, the required monthly deposit must be made to the Project's reserve for replacement account. Statement of Condition: The Project underfunded the account by $604. Cause: The Project did not implement a funding increase in a timely manner. Effect or Potential Effect: Deficiently funded reserve for replacements. Auditor Non-Compliance Code: N – Reserve for Replacements Deposits. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted. Recommendation: Management should implement procedures to ensure the correct amount is deposited into the replacement reserve account each month. Response Indicator: Agree. Completion Date: 12/31/2026 Response: We are researching the underfunding and will ensure the RR account is fully funded on a monthly basis. New procedures have been implemented to review the deposits each month to ensure amounts are proper.
Finding 2025-002
FINDING No. 2025-002: Section 236 Interest Reduction Payments, ALN 14.103 Finding Resolution Status: Unresolved. Information on Universe Population Size: One hundred twenty-six tenants. Sample Size Information: Twenty tenants. Identification of Repeat Finding and Finding Reference Number: Yes, 2023-001 and 2024-002. Criteria: HUD regulations require timely verification and maintenance of documentation of a tenant’s income and other resident information through the Enterprise Income Verification (EIV) system that is performed within 90 days of the tenant being entered into the Tenant Rental Assistance Certification System (TRACS). Statement of Condition: The Project did not verify income and other resident information of one of its Section 236 tenants through the EIV system. Cause: The Project did not adhere to HUD regulations for continuing eligibility and did not verify income and other resident information. Effect or Potential Effect: Untimely verification of tenant eligibility and cost of assistance and residency may be disallowed. Auditor Non-Compliance Code: R – Section 8 Program Administration. Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted. Recommendation: Management should implement procedures to ensure the Project verifies tenant eligibility through the EIV system. Response Indicator: Agree. Completion Date: 12/31/2026 Response: Staff training has been provided with additional HUD training inclusive of EIV reporting and tenant file maintenance.