Finding Text
Federal program - Section 202: Criteria - HUD regulations specify the amount required to be deposited on a monthly basis to the replacement reserve account.; Condition - one month?s deposit was made late by the prior management agent and one month?s deposit totaling $3,242 was not made by the current management agent; Cause - the late deposit was due to the property experiencing a cash flow problem and was unable to make the deposit timely, the missed deposit by the current management agent was due to the timing of the transition of the management from one agent to another; Recommendation - the current management agent should make the necessary deposit and make every effort to deposit the monthly required amounts to the reserve account. Response: Subsequent to year end the current management agent made the necessary deposit and will make the required monthly deposits timely in the future.