Finding Text
Finding No. 2022-001: Replacement Reserves Statement of Condition: Project owner failed to make one required deposit to the designated replacement reserves accounts per HUD and USDA Rural Development guidelines. Criteria: HUD and USDA Rural Development require the project owner to make monthly deposits to the replacement reserves accounts. Recommendation: Project owner needs to deposit the required monthly amounts to the respective replacement reserves accounts as soon as possible. Response: Project owner has subsequently made the required deposits.