Finding Text
Supportive Housing for Persons with Disabilities (Section 811), ALN 14.181 Criteria: The Project’s occupancy rate should be adequate to maintain Project operations. Statement of Condition: The Project’s vacancy expense was 46% of rental revenue for the year ended September 30, 2024. Cause: Of the Project’s eleven units, four were vacant the entire year, and one was vacant almost the entire year. Effect: Decreased revenue may result in excessive future usage of replacement reserve funds. Decreased revenue may also negatively impact the Project’s ability to fund future Project operations. Recommendation: The Project should continue its efforts to obtain tenants and decrease vacancies. Views of Responsible Officials: We agree with the finding. The Project will continue its attempts to decrease vacancies.