Finding Text
Mortgage Insurance for the Purchaser or Refinancing of Existing Multifamily Housing Projects, CFDA 14.155 and Section 8 Housing Assistance Program Payments, CFDA 14.195 Criteria: Reporting: Within nine months following the end of each fiscal year the project owners must submit to HUD financial information derived from the audited financial statements electronically to HUD via the Real Estate Assessment Center (REAC). Condition: The financial information was not submitted to HUD within the nine months following the end of fiscal year. Cause: Due to delays of audit documentation from management, the audit was not able to be completed within the required time frame Effect: The Project is not in compliance with the requirement to complete the filing required within the nine months after fiscal year end. Repeat Finding: 2022-002 Recommendation: We recommend the electronic submission to REAC be filed as soon as possible. Views of Responsible Officials and Planned Corrective Actions: The Organization agrees with the finding and will file the report.