Finding Text
2023-4 Unpaid Loan from Reserve for Replacement
Condition: The Project failed to comply with the terms of HUD approved 9250.
Criteria: According to HUD-9250 approved on April 11, 2022, a $21,073 loan from the reserve for replacement account was to be repaid upon approval of the budget and the contract. Both the budget and contract were approved for the year however, repayment was not made.
Cause: The cause is undeterminable.
Effect: The Project did not comply with the repayment terms of HUD 9250.
Recommendation: I recommend the Project comply with HUD 9250 Funds Authorizations.