Answer: The Corporation must make monthly deposits into the reserve for replacement account as per the Regulatory Agreement with HUD.
Trend: Consistent compliance with this requirement is crucial to avoid potential penalties or funding issues.
List: Ensure monthly deposits are tracked and documented to maintain compliance with HUD regulations.
Finding Text
In accordance with the Regulatory Agreement between the Corporation and HUD, the Corporation is required to make monthly deposits into the reserve for replacement account.
Corrective Action Plan
Management deposited $619.17 on April 3, 2025 and $619.17 on April 10, 2025 to fully fund the reserve for replacement account.