Finding Text
Section 223(f) HUD Insured Mortgage - CFDA 14.155 (Special Tests and Provisions) Conditions and Criteria: Two tenants tested moved out on February 7, 2022 and July 30, 2022 and the security deposit refund was issued on March 15, 2022 and October 3, 2022, respectively. Effect: The tenants did not receive their security deposit within 30 days of move-out. Cause: This occurred due to an oversight by management at the property level. Auditor?s Recommendation: While the refund was given, we do however, recommend that security deposit refunds be returned within 30 days of move-out. Management?s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30 day requirement.