Finding Text
Federal program - Section 223(f) Insured Mortgage: Criteria - HUD regulations specify that only eligible costs relating to the property are allowed to be paid by the property; Condition - the property was overcharged management fees totaling $8,914; Cause - the fee charged included vendor reimbursements, replacement reserve withdrawals and cash transfers in the cash receipts base in error; Recommendation - management should reimburse the property for the amount overcharged or reduce the next month’s fee by the amount overcharged and calculate the fee correctly in the future. Response: Management will reimburse the property for the amount overcharged and will calculate the fee correctly in the future.