Finding Text
Criteria: Payments are to occur timely on the Rural Rental Housing Loan to satisfy the principal balance and to fund the reserve account. Condition/Context: During the year ended five (5) months of loan payments were made and six (6) months of funding to the reserve account occurred. Cause: Due to not completing the tenant certification process timely. Effect: Cumberland Senior Housing Associates is out of compliance with the loan program. Questioned Costs: None Repeat Finding: Not a repeat finding. Recommendation: We recommend the certification be completed timely and the loan principal payments and funding of the reserve account be completed timely.