Finding Text
Federal program - Section 202: 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 $3,638 was not made by the current management agent; Cause - the missed deposit by the current management agent was due to the timing of the transition of the management from one agent to another; Recommendation - the current management agent should make the necessary deposit and make every effort to deposit the monthly required amounts to the reserve account. Response: Subsequent to year end the current management agent made the necessary deposit and will make the required monthly deposits timely in the future.