NOTE C – U.S. Department of Housing and Urban Development Capital Advance Program H.S.C. No. 6 Housing Development Fund Co., Inc. has received a capital advance under Section 202 of the National Housing Act. The capital advance balance at July 31, 2026 was $3,792,200.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FINDING NO. 2026-001: Section 202, CFDA 14.157 Condition: Required deposit to Surplus Cash was not made in the required time period. Criteria: Any Surplus Cash in the project fund account shall be deposited to the Residual Receipts account within 90 days following the end of the fiscal year. Effect: The late deposit of Surplus Cash is a compliance finding. Context: Late deposit of Surplus Cash in the amount of $22,477. Cause: The project did not realize that the payment had not been made. Recommendation: All future required deposits to Surplus Cash should be in accordance with HUD guidelines and made within 90 days following the end of the fiscal year. Views of Responsible Officials and Status of Finding: H.S.C. No. 6 Housing Development Fund Co. Inc. agrees with the finding and the required deposit in the amount of $22,477 was made on August 24, 2026.