Finding Text
Finding 2024-001: Delinquent deposits
Program: Mortgage Insurance: Rental and Cooperative Housing for Moderate Income Families and
Elderly, Market Interest Rate
ALN Number: 14.135
Federal Agency: United States Department of Housing and Urban Development (HUD)
Pass-Through Entity: Not Applicable
Federal Award Identification Number: HUD Project No. 092-35746
Federal Award Year: December 31, 2024
Condition: The Project did not make adequate monthly deposits to the replacement reserve
during the year.
Criteria: The Project makes deposits to the replacement reserve in a manner consistent with the
regulatory agreement as prescribed by HUD as well as any additional communications from
HUD.
Cause: The internal controls over restricted cash were not sufficient to ensure deposits for the
replacement reserve were deposited in the appropriate amount.
Effect: The Partnership did not deposit $2,013 of required deposits to the replacement reserve.