Finding Text
Finding 2022-001: Federal program - Section 811: Criteria - HUD regulations specify the amount required to be deposited on a monthly basis to the replacement reserve account.; Condition - one month?s deposit totaling $683 was not made during the year; Cause - the property is experiencing a cash flow problem and was unable to make the required deposit; Recommendation - management should make every effort to deposit the monthly required amount to the reserve account. Response: Subsequent to year end management received a rent increase and will be able to deposit the shortfall amount to the reserve account.