EIN: 461958016
UEI: W4XTDADJ9A16
Audited by: CohnReznick LLP
Oversight agency: 14 [Department of Housing and Urban Development]
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Data as of September 3, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on September 25, 2025. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by March 25, 2026 (162 days ago).
What is a management decision? →FAC accepted this audit on August 16, 2024 — management decision was due February 16, 2025.
FAC accepted this audit on July 23, 2023 — management decision was due January 23, 2024.
FAC accepted this audit on June 1, 2022 — management decision was due December 1, 2022.
FAC accepted this audit on July 18, 2021 — management decision was due January 18, 2022.
Section I - Summary of Auditor's Results 1. The auditor's report expresses an unmodified opinion on the financial statements of 287 Housing Development Fund Corporation. 2. No material weaknesses related to the audit of the financial statements were reported in the Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No significant deficiencies were reported. 3. No instances of noncompliance material to the financial statements of 287 Housing Development Fund Corporation were disclosed during the audit. 4. No material weaknesses in internal control over major federal award programs were disclosed during the audit and reported in the Independent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance. One significant deficiency was reported. 5. The auditor's report on compliance for the major federal award programs for 287 Housing Development Fund Corporation expresses an qualified opinion. 6. There is one audit finding that is required to be reported in accordance with 2 CFR Section 200.516(a) in this schedule. 7. The program tested as a major program included: Department of Housing and Urban Development - Home Investment Partnership Program - 14.239 8. The threshold for distinguishing Type A and B programs was $750,000. 9. 287 Housing Development Fund Corporation did qualify as a low-risk auditee. Section II - Financial Statement Findings None noted. Section III - Federal Awards Findings and Questioned Costs Corrective Action in Process Finding 2020-001 Statement of Condition Two out of two tenants tested did not have documentation in their lease file that their income was verified. Criteria Tenant lease files are required to be maintained including documentation of tenant eligibility. Effect The procedures for determining eligibility and maintaining tenant lease files were not consistently applied. This could result in units being rented to ineligible tenants or errors in their rent subsidies. Cause Management's policies with respect to the determination of tenant eligibility were not consistently followed. Recommendation Management should establish procedures and monitor compliance with those procedures to insure that tenant eligibility is correctly determined and that tenant lease files are properly maintained. Views of Responsible Officials Management agrees with the recommendation. Management requires all tenants to provide income verification and eligibility documentation in a timely manner. Failure to comply with this requirement is a lease violation and is grounds for eviction. Management closely monitors all aspects of lease compliance and works with noncompliant residents to ensure the timely submission of tenant eligibility documents. As of June 2021, there is an eviction moratorium in place and management has limited recourse to enforce compliance.
Show full finding ▾Hide full finding ▴Section I - Summary of Auditor's Results 1. The auditor's report expresses an unmodified opinion on the financial statements of 287 Housing Development Fund Corporation. 2. No material weaknesses related to the audit of the financial statements were reported in the Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No significant deficiencies were reported. 3. No instances of noncompliance material to the financial statements of 287 Housing Development Fund Corporation were disclosed during the audit. 4. No material weaknesses in internal control over major federal award programs were disclosed during the audit and reported in the Independent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance. One significant deficiency was reported. 5. The auditor's report on compliance for the major federal award programs for 287 Housing Development Fund Corporation expresses an qualified opinion. 6. There is one audit finding that is required to be reported in accordance with 2 CFR Section 200.516(a) in this schedule. 7. The program tested as a major program included: Department of Housing and Urban Development - Home Investment Partnership Program - 14.239 8. The threshold for distinguishing Type A and B programs was $750,000. 9. 287 Housing Development Fund Corporation did qualify as a low-risk auditee. Section II - Financial Statement Findings None noted. Section III - Federal Awards Findings and Questioned Costs Corrective Action in Process Finding 2020-001 Statement of Condition Two out of two tenants tested did not have documentation in their lease file that their income was verified. Criteria Tenant lease files are required to be maintained including documentation of tenant eligibility. Effect The procedures for determining eligibility and maintaining tenant lease files were not consistently applied. This could result in units being rented to ineligible tenants or errors in their rent subsidies. Cause Management's policies with respect to the determination of tenant eligibility were not consistently followed. Recommendation Management should establish procedures and monitor compliance with those procedures to insure that tenant eligibility is correctly determined and that tenant lease files are properly maintained. Views of Responsible Officials Management agrees with the recommendation. Management requires all tenants to provide income verification and eligibility documentation in a timely manner. Failure to comply with this requirement is a lease violation and is grounds for eviction. Management closely monitors all aspects of lease compliance and works with noncompliant residents to ensure the timely submission of tenant eligibility documents. As of June 2021, there is an eviction moratorium in place and management has limited recourse to enforce compliance.
Recommendation: Management should establish procedures and monitor compliance with those procedures to insure that tenant eligibility is correctly determined and that tenant lease files are properly maintained. Action Taken: Management agrees with the recommendation. Management requires all tenants to provide income verification and eligibility documentation in a timely manner. Failure to comply with this requirement is a lease violation and is grounds for eviction. Management closely monitors all aspects of lease compliance and works with noncompliant residents to ensure the timely submission of tenant eligibility documents. As of June 2021, there is an eviction moratorium in place and management has limited recourse to enforce compliance."
FAC accepted this audit on July 1, 2020 — management decision was due January 1, 2021.
FAC accepted this audit on September 18, 2019 — management decision was due March 18, 2020.
FAC accepted this audit on September 24, 2018 — management decision was due March 24, 2019.
FAC accepted this audit on September 27, 2017 — management decision was due March 27, 2018.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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