Answer: The property needs to repay loans from the replacement reserve.
Trend: The outstanding balance for these loans is currently $221,813.
List: Follow up on repayment plans and monitor future reserve contributions.
Finding Text
THE PROPERTY IS REQUIRED TO REPAY REPLACEMENT RESERVE LOANS AND THE OUTSTANDING BALANCE IS $221,813.
Corrective Action Plan
MANAGEMENT AGREES WITH THE FINDING. THE REPLACEMENT RESERVE OUTSTANDING LOAN BALANCE OF $221,813 WILL BE REPAID. MANAGEMENT WILL ENSURE THAT THE REPLACEMENT RESERVE REPAYMENTS ARE MADE ON A TIMELY BASIS IN THE FUTURE.