Finding Text
FINDING No. 2023-002: Section 202 Supportive Housing for the Elderly, ALN 14.157
Finding Resolution Status: Unresolved.
Information on Universe Population Size: Escrow accounts.
Sample Size Information: Escrow accounts.
Identification of Repeat Finding and Finding Reference Number: No.
Criteria: As required by the regulatory agreement, the Project is required to pay, when due, all taxes, assessments, and other charges.
Statement of Condition: The Project is deficient in funding escrow deposits in the amount of $22,634.
Cause: The Project did not properly fund the escrow accounts based on current period insurance premiums and tax rates.
Effect or Potential Effect: The escrow deposits are not sufficient to meet future obligations.
Auditor Non-Compliance Code: Z - Other
Reporting Views of Responsible Officials: The Project agrees with the finding and the auditor’s recommendations will be adopted.
Recommendation: The Project should make sufficient monthly deposits to the escrow accounts in a timely manner.
Respon se Indicator: Agree.
Completion Date: 12/31/2024
Response: RCOA has taken out as policy for the Project with Forth Insurance company, an initial down payment was furnished, and additional sequential payment has been furnished to the policy. Proof of policy can be furnished if required.