Finding Text
Finding 2022-001: Supportive Housing for the Elderly (Section 202), Federal Assistance Listing Number 14.157 Criteria: Per the regulatory agreement, O?Brien Road Senior Apartments 2 is required to make monthly deposits of $1,158 into a reserve fund for replacements. Condition: The reserve for replacements account was underfunded by $1,158 (one month?s payment) as of December 31, 2022. Context: We reviewed the deposits into the reserve for replacements during the year. Cause: O?Brien Road Senior Apartments 2 overlooked the requirement. Effect: O?Brien Road Senior Apartments 2 was not in compliance with the regulatory agreement. Recommendation: We recommend that O?Brien Road Senior Apartments 2 make the remaining $1,158 deposit into the reserve for replacements. Views of management and planned corrective action: O?Brien Road Senior Apartments 2 agrees with the finding and the required payment was made in January 2023.