Finding Text
At June 30,2025, the reserve for replacements was underfunded by $Agg. Federal Program: Capital advance grant and project rental assistance contract Federal Award ldentification: 083-8E077 Assistance Listing Number: 14.157 Federal Agency: U.S. Department of Housing and Urban Development Criteria. The HUD regulatory agreement, or amendments to that agreement, requires the borrower to make monthly reserve for replacements deposits. Cause. Unknown. Effect. The borrower is not in compliance with the terms of the HUD regulatory agreement. 29 Recommendation. We recommend the appropriate transfer be made as soon as possible. Management Response. The underfunded reserve for replacements account was funded December 3, 2025.