Finding Text
2024-1
14.157 Supportive housing for the elderly
Federal Award Finding
In process
N/A
N/A
No
The Regulatory Agreement requires monthly
deposits to the Replacement Reserve account.
The Corporation did not make the required deposits
to the Replacement Reserve account.
Lack of cash flow due to lack of receipt of rental
assistance payments.
The Project's Replacement Reserve account is
underfunded and is not compliant with the
Regulatory Agreement.
N - Reserve for Replacements Deposits
052-EE035
$11,668
The Corporation, despite multiple efforts from
management, did not receive the rental assistance
payments from HUD during the year and thus did
not have the cash flow to be able to make the
deposits to the Replacement Reserve account in the
amount of $11,668.
The Corporation should deposit $11,668 into the
Replacement Reserve account as cash flow permits.