Finding Text
Section 223(f) HUD Insured Mortgage ? CFDA 14.155 (Special Tests and Provisions) Conditions and Criteria: The Corporation is required to refund all security deposits within 30 days of tenant move out. The Corporation did return the security deposit in the correct amount; however, it was not returned within 30 days of the tenant move out date. Effect: Security deposit was not returned timely. Cause: This occurred due to an oversight at the Corporation. Auditor?s Recommendation: Communication with management to return security deposit once a tenant has left. Management?s Response: Management has implemented steps to ensure that future security deposit refunds are made within the 30-day requirement.