Answer: The replacement reserve loan was not paid back after receiving HUD funds.
Trend: This indicates a pattern of not managing loan repayments effectively.
List: Follow up by reviewing loan repayment policies and ensuring compliance with funding requirements.
Finding Text
Replacement reserve loan was not repaid when HUD funds were received.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency was funded on January 2, 2025 in the amount of $28,334. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.
Categories
HUD Housing ProgramsMatching / Level of Effort / Earmarking