Stevens Point Housing AuthorityLocal Government

Program: Public Housing Operating Fund Requirement: PHAs are required to enter into General Depository Agreements with their financial institution using the HUD-51999 or a form as required by HUD in the ACC. The agreements serve as safeguards for federal funds and provide third party rights to HUD. Condition: The Housing Authority does not have a depository agreement from Chase Bank and has Public Housing funds at the financial institution. Questioned Costs: N/A Cause: Chase Bank will not complete a depository agreement and the Housing Authority kept funds at the financial institution. Effect: Public Housing funds held at the financial institution are not safeguarded. Prior Year Finding: N/A Information: Sampling was not applicable to this finding, systematic problem. Recommendation: We recommend that the Housing Authority transfers Public Housing funds from Chase Bank to a financial institution that will complete a depository agreement. Response: The SPHA has made multiple attempts over the past years to obtain the GDA from Chase Bank. However, Chase is unwilling to sign the required GDA. As a result, the SPHA issued a request for proposals (RFP) to solicit new banking services on May 16, 2025. Proposals were due on June 27, 2025. The SPHA received four (4) proposals. The final step is to have a Board meeting to decide the winning bid in August/September 2025.