Finding Text
Section 223(f) Loan Program, CFDA 14-157 Finding# 2022-002 Criteria: The Regulatory Agreement requires the Owner to properly maintain the Project. Statement of Condition: The Project received a REAC Physical Inspection score of less than 60 on July 28, 2021. Cause: The Company did not adequately maintain the Property. Effect: The Company was not in compliance with the terms of the Regulatory Agreement. Context: This was not a sampling audit procedures. Auditor?s Non-Compliance Code: I - Open Physical Inspection Amount of Questioned Costs $-0- Recommendation: The management agent should ensure the Project is properly maintain. Reporting View of Responsible Officials: Management did not anticipate or expect that the property would receive a failing REAC score. Auditor?s Summary of Auditee?s Comments on the Findings and Recommendations: Auditee agreed with auditor?s findings. Response Indicator Accepted Completion Date Unresolved Response: Management is in the process of addressing the various items noted in the REAC inspection report. Contact Person David Cooper