Finding 1078702 (2023-001)

-
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-10-10

AI Summary

  • Core Issue: The Project closed its required tenant security deposit bank account.
  • Impacted Requirement: The Project must maintain a separate tenant security deposit bank account as per regulations.
  • Recommended Follow-Up: Ensure the tenant security deposit bank account is reopened and maintained as required.

Finding Text

2023-001 - Cash Management - Mortgage Insurance Rental Housing - ALN No. 14.155. Criteria or Specific Requirement: The Project is required to maintain a tenant security deposit bank account. Condition: - During the year, the Project's owner closed the security deposit bank account. Cause: Unknown. Effect: At year-end, the Project did not have a seperate tenant security deposit bank account. Questioned Costs: N/A. Repeat Finding: Not a repeat finding. Recommendation: The Project should maintain a tenant security deposit bank account in accordance with the regulatory agreement. Response: A tenant security deposit bank account will be maintained.

Categories

Cash Management HUD Housing Programs

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $4.44M