FAC Explorer

Finding 1168591 (2025-001)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2025
Accepted
2026-01-09
Audit: 380468
Organization: Abram Housing Corporation (CA)
Auditor: MADDOX & ASSOCIATES APC

AI Summary

  • Answer: The project failed to offset the monthly Section 8 housing assistance payments.
  • Trend: This issue may indicate a pattern of oversight in financial management related to housing assistance.
  • List: Review payment processes, ensure compliance with offset requirements, and implement regular audits to prevent recurrence.

Finding Text

THE PROJECT DID NOT OFFSET THE MONTHLY SECTION 8 HOUSING ASSISTANCE PAYMENTS.

Corrective Action Plan

MANAGEMENT AGREES WITH THE FINDING. THE EXCESS FUNDS WERE ACCRUED TO OFFSET FUTURE SECTION 8 HAP REQUESTS.

Categories

HUD Housing Programs

Programs in Audit

ALN Program Name Expenditures
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $2.57M
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $867,908