FAC Explorer

Finding 10222 (2023-001)

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Requirement
P
Questioned Costs
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Year
2023
Accepted
2024-01-26
Audit: 13863
Organization: Inter-Church Council Housing Corporation (NC)
Auditor: Sharpe Patel PLLC

AI Summary

  • Issue: The Organization failed to make the correct monthly payments to the reserve for replacement as required by HUD.
  • Impacted Requirement: This violation relates to HUD's guidelines for debt management and the annual form HUD-9250.
  • Recommended Follow-up: The Organization should monitor and verify monthly payments to ensure compliance with HUD requirements.

Finding Text

The Organization is required to make monthly payments set by HUD to the reserve for replacement. The Organization was not making the correct payment to the reserve for replacement account for the year. The Organization was in violation of the HUD requirements associated with their debt. The Organization was not aware that they were making the incorrect payments. The Organization should keep track of the monthly payments required as set by the annual form HUD-9250.

Corrective Action Plan

The property made a payment on October 18, 2023 to correct the amount in the reserve for replacement account and will keep track of required payments each month.

Categories

HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.135 Mortgage Insurance_rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate $5.54M
14.195 Section 8 Housing Assistance Payments Program $430,287
14.164 Flexible Subsidy Loan $367,397