Finding 503962 (2024-001)

Requirement

Questioned Costs

Year

2024

Accepted

2024-10-28

Audit: 326238

Organization: Oak Park Plaza, Inc. (oak Park Plaza) (LA)

Auditor: Maddox & Associates Apc

AI Summary

Answer: Monthly deposits to the debt service savings are short by $69,960.
Trend: This deficiency indicates a potential ongoing issue with funding adequacy.
List: Recommend reviewing deposit processes and adjusting future contributions to meet requirements.

Required monthly deposits to the debt service savings are deficient in the amount of $69,960.

Management Agrees with the findings. Management has requested a retroactive suspension from HUD for the missing debt service saving deposits.

ALN	Program Name	Expenditures
14.155	Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects	$4.85M
14.195	Section 8 Housing Assistance Payments Program	$836,484
14.191	Multifamily Housing Service Coordinators	$76,292