Finding Text
The Management Agent fees are on a paid basis on the Yield CAP -$48,399. The 4.20% of residential income collected fee is noted in the Project Owner’s Certification of Owner-Managed Multifamily Housing Projects dated 3/15/2021. The Yield CAP of $73 per unit is established so the Management Fee basis on collections does not exceed the Yield CAP. The Management Agent does not attach to monthly payment of the Management Fee a Schedule of Resident Income Collected to compute to the Management Fee to support the payment of the Management Fee. This finding is a repeated finding from prior year.