EIN: 470635210
UEI: LB5BNE6J4Q19
Audited by: Dauby O'Connor & Zaleski, LLC
Oversight agency: 14 [Department of Housing and Urban Development]
Data as of August 27, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on July 29, 2026. 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 January 29, 2027 (154 days from today).
What is a management decision? →For the year ended December 31, 2023, the Corporation did not submit audited financial statements to HUD within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2023, the Corporation did not submit audited financial statements to HUD within the required time period.
Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
2022-001
The Corporation did not make the required deposit to the residual receipts fund in the amount of $61,668.
Show full finding ▾Hide full finding ▴The Corporation did not make the required deposit to the residual receipts fund in the amount of $61,668.
Management agrees with the recommendation and will fund the residual receipts account during 2026.
2022-002
As of December 31, 2023, there was no segregated security deposit account and the liability of $11,902 was not properly funded.
Show full finding ▾Hide full finding ▴As of December 31, 2023, there was no segregated security deposit account and the liability of $11,902 was not properly funded.
Management agrees with the recommendation and will fund the security deposit account in 2026.
2022-003
For the year ended December 31, 2022, the Corporation did not submit Data Collection Form to FAC within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2022, the Corporation did not submit Data Collection Form to FAC within the required time period.
Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required.
2022-004
The Corporation did not make all of the required deposits to the reserve for replacements fund for the year ended December 31, 2023 in the amount of $561.
Show full finding ▾Hide full finding ▴The Corporation did not make all of the required deposits to the reserve for replacements fund for the year ended December 31, 2023 in the amount of $561.
Management agrees with the recommendation and made a catch-up deposit on June 4, 2026 and adjusted the monthly funding to the required amount.
At December 31, 2023, the management agent was unable to provide supporting invoices for 6 disbursements.
Show full finding ▾Hide full finding ▴At December 31, 2023, the management agent was unable to provide supporting invoices for 6 disbursements.
Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
2022-005
FAC accepted this audit on February 17, 2026 — management decision was due August 17, 2026.
For the year ended December 31, 2022, the Corporation did not submit audited financial statements to HUD within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2022, the Corporation did not submit audited financial statements to HUD within the required time period.
Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
2021-001
For the year ended December 31, 2022, the Corporation did not submit audited financial statements to HUD within the required time period
Show full finding ▾Hide full finding ▴For the year ended December 31, 2022, the Corporation did not submit audited financial statements to HUD within the required time period
Management agrees with the recommendation and will fund the residual receipts account during 2026.
2021-002
As of December 31, 2022, there was no segregated security deposit account and the liability of $11,902 was not properly funded.
Show full finding ▾Hide full finding ▴As of December 31, 2022, there was no segregated security deposit account and the liability of $11,902 was not properly funded.
Management agrees with the recommendation and will fund the security deposit account in 2026.
2021-003
For the year ended December 31, 2021, the Corporation did not submit Data Collection Form to FAC within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2021, the Corporation did not submit Data Collection Form to FAC within the required time period.
Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required. within the required time period.
2021-004
At December 31, 2022, the management agent was unable to provide supporting invoice for 1 disbursement.
Show full finding ▾Hide full finding ▴At December 31, 2022, the management agent was unable to provide supporting invoice for 1 disbursement.
Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
2021-005
FAC accepted this audit on September 9, 2025 — management decision was due March 9, 2026.
For the year ended December 31, 2021, the Corporation did not submit audited financial statements to HUD within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2021, the Corporation did not submit audited financial statements to HUD within the required time period.
Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
2020-001
The Corporation did not make the required deposit to the residual receipts fund in the amount of $107,330.
Show full finding ▾Hide full finding ▴The Corporation did not make the required deposit to the residual receipts fund in the amount of $107,330.
Management agrees with the recommendation and will fund the residual receipts account during 2025.
2020-002
As of December 31, 2021, there was no segregated security deposit account and the liability of $12,989 was not properly funded.
Show full finding ▾Hide full finding ▴As of December 31, 2021, there was no segregated security deposit account and the liability of $12,989 was not properly funded.
Management agrees with the recommendation and will fund the security deposit account in 2025.
2020-003
For the year ended December 31, 2020, the Corporation did not submit Data Collection Form to FAC within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2020, the Corporation did not submit Data Collection Form to FAC within the required time period.
Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required.
2020-004
At December 31, 2021, the management agent was unable to provide supporting invoice for 1 disbursement.
Show full finding ▾Hide full finding ▴At December 31, 2021, the management agent was unable to provide supporting invoice for 1 disbursement.
Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
2020-005
The Corporation did not make all of the required deposits to the reserve for replacements fund for the months of July 1, 2021 through December 31, 2021 in the amount of $156.
Show full finding ▾Hide full finding ▴The Corporation did not make all of the required deposits to the reserve for replacements fund for the months of July 1, 2021 through December 31, 2021 in the amount of $156.
Management agrees with the recommendation and will transfer the funds to the reserve for replacements fund in 2025.
FAC accepted this audit on March 26, 2025 — management decision was due September 26, 2025.
For the year ended December 31, 2020, the Corporation did not submit audited financial statements to HUD within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2020, the Corporation did not submit audited financial statements to HUD within the required time period.
Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
2019-001
The Corporation did not make the required deposit to the residual receipts fund in the amount of $76,571.
Show full finding ▾Hide full finding ▴The Corporation did not make the required deposit to the residual receipts fund in the amount of $76,571.
Management agrees with the recommendation and will fund the residual receipts account during 2025.
2019-002
As of December 31, 2020, there was no segregated security deposit account and the liability of $10,281 was not properly funded.
Show full finding ▾Hide full finding ▴As of December 31, 2020, there was no segregated security deposit account and the liability of $10,281 was not properly funded.
Management agrees with the recommendation and will fund the security deposit account in 2025.
2019-003
For the year ended December 31, 2019, the Corporation did not submit Data Collection Form to FAC within the required time period.
Show full finding ▾Hide full finding ▴For the year ended December 31, 2019, the Corporation did not submit Data Collection Form to FAC within the required time period.
Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required.
2019-004
At December 31, 2020, the management agent was unable to provide supporting invoices for 3 disbursements.
Show full finding ▾Hide full finding ▴At December 31, 2020, the management agent was unable to provide supporting invoices for 3 disbursements.
Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
2019-005
FAC accepted this audit on August 22, 2024 — management decision was due February 22, 2025.
Finding reference number: 2019-001 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Statistically valid sample: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2019-001: For the year ended December 31, 2019, the Corporation did not submit audited financial statements to HUD within the required time period. Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to electronically submit audited financial statements to HUD in accordance with HUD guidance. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to administrative delays caused by the transition in management agents, the Corporation failed to submit audited financial statements to HUD within the time period required. Recommendation: The Corporation should submit audited financial statements to HUD within the time period required. Reporting views of responsible officials: Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
Show full finding ▾Hide full finding ▴Finding reference number: 2019-001 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Statistically valid sample: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2019-001: For the year ended December 31, 2019, the Corporation did not submit audited financial statements to HUD within the required time period. Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to electronically submit audited financial statements to HUD in accordance with HUD guidance. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to administrative delays caused by the transition in management agents, the Corporation failed to submit audited financial statements to HUD within the time period required. Recommendation: The Corporation should submit audited financial statements to HUD within the time period required. Reporting views of responsible officials: Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
Management agrees with the recommendation and submitted the audited financial statements to HUD. No further action is required.
Finding reference number: 2019-002 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: B - Failure to make required residual receipt deposit Finding resolution status: In process Universe population size: One required deposit to the residual receipts account Sample size information: One required deposit to the residual receipts account Statistically valid sample: Yes Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $33,820 Statement of condition 2019-002: The Corporation did not make the required deposit to the residual receipts fund in the amount of $33,820. Criteria: Pursuant to the Regulatory Agreement, PY surplus cash must be deposited into the residual receipts fund within 90 days after the end of the prior year. Effect or potential effect: At December 31, 2019, the residual receipts account is underfunded by $33,820. Cause: The Corporation did not make the required deposit to the residual receipts fund. Recommendation: As of December 31, 2019, the Property has positive surplus cash of $76,571, which includes the required deposits and unauthorized withdrawals not made as illustrated in the 2018 and 2017 audit reports. Management should deposit $76,571 to a segregated residual receipts account in the name of the Corporation. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation and will fund the residual receipts account during 2024.
Show full finding ▾Hide full finding ▴Finding reference number: 2019-002 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: B - Failure to make required residual receipt deposit Finding resolution status: In process Universe population size: One required deposit to the residual receipts account Sample size information: One required deposit to the residual receipts account Statistically valid sample: Yes Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $33,820 Statement of condition 2019-002: The Corporation did not make the required deposit to the residual receipts fund in the amount of $33,820. Criteria: Pursuant to the Regulatory Agreement, PY surplus cash must be deposited into the residual receipts fund within 90 days after the end of the prior year. Effect or potential effect: At December 31, 2019, the residual receipts account is underfunded by $33,820. Cause: The Corporation did not make the required deposit to the residual receipts fund. Recommendation: As of December 31, 2019, the Property has positive surplus cash of $76,571, which includes the required deposits and unauthorized withdrawals not made as illustrated in the 2018 and 2017 audit reports. Management should deposit $76,571 to a segregated residual receipts account in the name of the Corporation. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation and will fund the residual receipts account during 2024.
Management agrees with the recommendation and will fund the residual receipts account during 2024.
Finding reference number: 2019-003 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: M - Security deposits Finding resolution status: In process Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Statistically valid sample: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $10,891 Statement of condition 2019-003: As of December 31, 2019, there was no segregated security deposit account and the liability of $10,891 was not properly funded. Criteria: Pursuant to item 6(g) of the Regulatory Agreement, resident security deposits should be funded in a separate account in an amount not less than the amount of security deposits received from residents at all times. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Failure to fund security deposits could result in the inability of the Corporation to return security deposits to residents upon termination of the resident's lease. Cause: Upon transition from prior management, a security deposit account was not established. Recommendation: Management should fund the security deposit account and ensure that the liability is funded at all times. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation and will fund the security deposit account in 2024.
Show full finding ▾Hide full finding ▴Finding reference number: 2019-003 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: M - Security deposits Finding resolution status: In process Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Statistically valid sample: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: $10,891 Statement of condition 2019-003: As of December 31, 2019, there was no segregated security deposit account and the liability of $10,891 was not properly funded. Criteria: Pursuant to item 6(g) of the Regulatory Agreement, resident security deposits should be funded in a separate account in an amount not less than the amount of security deposits received from residents at all times. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Failure to fund security deposits could result in the inability of the Corporation to return security deposits to residents upon termination of the resident's lease. Cause: Upon transition from prior management, a security deposit account was not established. Recommendation: Management should fund the security deposit account and ensure that the liability is funded at all times. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation and will fund the security deposit account in 2024.
Management agrees with the recommendation and will fund the security deposit account in 2024.
Finding reference number: 2019-004 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Statistically valid sample: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2019-004: For the year ended December 31, 2018, the Corporation did not submit Data Collection Form to FAC within the required time period. Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to electronically submit Data Collection Form to FAC in accordance with HUD guidance. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to administrative delays caused by the transition in management agents, the Corporation failed to submit Data Collection Form to FAC within the time period required. Recommendation: The Corporation should submit Data Collection Form to FAC within the time period required. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required.
Show full finding ▾Hide full finding ▴Finding reference number: 2019-004 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: The universe population size is not applicable to the finding Sample size information: The sample size information is not applicable to the finding Statistically valid sample: N/A Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2019-004: For the year ended December 31, 2018, the Corporation did not submit Data Collection Form to FAC within the required time period. Criteria: Pursuant to the Regulatory Agreement, the Corporation is required to electronically submit Data Collection Form to FAC in accordance with HUD guidance. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to administrative delays caused by the transition in management agents, the Corporation failed to submit Data Collection Form to FAC within the time period required. Recommendation: The Corporation should submit Data Collection Form to FAC within the time period required. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required.
Management agrees with the recommendation and submitted the Data Collection Form to FAC. No further action is required.
Finding reference number: 2019-005 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: 469 invoices Sample size information: 25 invoices Statistically valid sample: 1 invoices Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2019-005: At December 31, 2019, the management agent was unable to provide supporting invoices for 1 disbursement. Criteria: Pursuant to paragraph 9(c) of the Regulatory Agreement, the mortgaged property, equipment, buildings, plans, offices, apparatus, devices, books, contracts, records, documents, and other papers relating thereto shall at all times be maintained in reasonable condition for proper audit. The books and records of the Corporation are required to be kept in accordance with HUD Financial Operations and Accounting Procedures for Insurance Handbook (4370.2) Chapter 2: Financial Operations and Accounting (Section 2-3 Maintenance of Books and Records), which requires the records to be complete and accurate. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to the delay in requesting an audit be performed, invoices were placed into storage and were not able to be located. Recommendation: Management should retain all invoices for disbursements in the future in order for its records to be complete and accurate. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
Show full finding ▾Hide full finding ▴Finding reference number: 2019-005 Assistance Listing title and number (federal award identification and year): Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Assistance Listing No. 14.155, for the year ended December 31, 2019. Auditor non-compliance code: Z - Other Finding resolution status: Resolved Universe population size: 469 invoices Sample size information: 25 invoices Statistically valid sample: 1 invoices Name of Federal Agency: U.S. Department of Housing and Urban Development Pass-through entity: N/A Questioned costs: N/A Statement of condition 2019-005: At December 31, 2019, the management agent was unable to provide supporting invoices for 1 disbursement. Criteria: Pursuant to paragraph 9(c) of the Regulatory Agreement, the mortgaged property, equipment, buildings, plans, offices, apparatus, devices, books, contracts, records, documents, and other papers relating thereto shall at all times be maintained in reasonable condition for proper audit. The books and records of the Corporation are required to be kept in accordance with HUD Financial Operations and Accounting Procedures for Insurance Handbook (4370.2) Chapter 2: Financial Operations and Accounting (Section 2-3 Maintenance of Books and Records), which requires the records to be complete and accurate. Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement. Cause: Due to the delay in requesting an audit be performed, invoices were placed into storage and were not able to be located. Recommendation: Management should retain all invoices for disbursements in the future in order for its records to be complete and accurate. Completion Date: 12/31/2024 Reporting views of responsible officials: Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
Management agrees with the recommendation. Policies and procedures have been updated to make sure records are complete and accurate.
FAC accepted this audit on June 26, 2023 — management decision was due December 26, 2023.
GSA_MIGRATION
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Show full finding ▾Hide full finding ▴FAC accepted this audit on August 29, 2022 — management decision was due March 1, 2023.
GSA_MIGRATION
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GSA_MIGRATION
GSA_MIGRATION
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GSA_MIGRATION
GSA_MIGRATION
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GSA_MIGRATION
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GSA_MIGRATION
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