Finding Text
FINDING No. 2023-001:Section 202 Supportive Housing for the Elderly, ALN 14.157
Finding Resolution Status: Unresolved.
Information On Universe Population Size: Escrow accounts.
Sample Size Information: Escrow accounts.
Identification of Repeat Finding and Finding Reference Number: No.
Criteria: As required by the regulatory agreement, the Project is required to pay, when due, all taxes, assessments, and other charges.
Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $46,320, as required by HUD.
Cause: The Project did not properly fund the escrow accounts based on current period insurance premiums and tax rates.
Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations.
Auditor Non-Compliance Code: Z- Other.
Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor's recommendations will be adopted.
Recommendation: The Project shaould make sufficient monthly deposits to the escrow accounts in a timely manner.
Response Indicator: Agree.
Completion date: 12/31/2024
Response: New procedures have been implemented to ensure appropriate amounts are reserved in escrow.