Finding 1130784 (2024-001)

Requirement

Questioned Costs

Year

2024

Accepted

2025-04-08

Audit: 352949

Organization: New Milford Interfaith Housing, Inc. (butter Brook Hill Apts) (CT)

Auditor: Maddox & Associates Apc

AI Summary

Answer: The replacement reserve loan was not paid back after receiving HUD funds.
Trend: This indicates a pattern of not managing loan repayments effectively.
List: Follow up by reviewing loan repayment policies and ensuring compliance with funding requirements.

Replacement reserve loan was not repaid when HUD funds were received.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$1.65M
14.195	Section 8 Housing Assistance Payments Program	$343,144
14.191	Multifamily Housing Service Coordinators	$60,856