Finding Text
At September 30, 2024, the reserve for replacements was underfunded by $1,787.
Federal Program: Capital advance grant and project rental assistance contract
Federal Award Identification: 083-EE106
Assistance Listing Number: 14.157
Federal Agency: U.S. Department of Housing and Urban Development
Criteria. The HUD Regulatory Agreement, or amendments to that agreement, requires the borrower to make monthly reserve for replacements deposits.
Cause. The complex did not have the funds available to make the required deposits.
Effect. The borrower is not in compliance with the terms of the HUD Regulatory Agreement.
Recommendation. We recommend the appropriate transfer be made as soon as funds are available.
Management Response. We will make the necessary reserve deposits as soon as funds are available.