Finding Text
Finding No. 2022-001 1. CONDITION ? Vacancy losses is extremely high when compared to last year vacancy losses. Vacancy losses increased in fiscal year 2022 by $92,164, from $76,077 to $168,241, representing a 7.26% of gross potential income. 2. CRITERIA ? Management Agent is not in compliance with the Affirmative Fair Housing Marketing Plan since they undersigned Voluntary Compliance Agreement with HUD, No. 02-20-5450-8, that requires the rehabilitation of thirteen (13) units identified in the agreement. 3. EFFECT ? Negative impact in cash flows to the Project. 4. CAUSE ? Units in the Voluntary Compliance Agreement are not available to be rent to new tenants. 5. QUESTIONED COST ? Loss of tenant?s revenues in the amount of $92,164. 6. RECOMMENDATION ? Management Agent should complete the unit?s rehabilitation as soon as possible.