We completed an audit of Mortgage Access Corporation, doing business as Weichert Financial Services, a nonsupervised lender located in Morris Plains, New Jersey. The audit objectives were to determine whether Mortgage Access Corporation (1) approved insured loans in accordance with U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) requirements, and (2) developed and implemented a quality control plan...

This is the tenth report in our ongoing audits of the Lower Manhattan Development Corporation's (the auditee) administration of the Community Development Block Grant Disaster Recovery Assistance funds provided to the State of New York. During our audit period, April 1, 2007, through September 30, 2007, the auditee disbursed approximately $132.7 million of the $2.783 billion funds appropriated. The objectives of this audit were to determine...

We completed an audit of Richard A. Hutchens and Associates (agent) pertaining to its management of the financial operations of Cayuga Village and Touraine Apartments. The objectives of our audit were to determine whether the agent used project funds in accordance with the regulatory agreement and HUD requirements. Specifically, to determine whether the agent (1) provided adequate documentation to support the reasonableness of payments made to...

We completed an audit of the City of New Rochelle, located in New Rochelle, New York, in order to evaluate its administration of the HOME Investment Partnerships Program (HOME). The objectives of the audit were to determine whether the City of New Rochelle (1) committed and expended HOME funds in accordance with HUD rules and regulations, (2) disbursed funds for only eligible activities, and (3) used funds for eligible administrative and...

During the ninth in our series of on-going audits of the Lower Manhattan Development Corporation's (LMDC) administration of the $2.783 billion of Community Development Block Grant Disaster Recovery Assistance funds provided to the State of New York following the September 11, 2001, terrorist attacks on the World Trade Center in New York City, we noted that the final action plan approved by the U.S. Department of Housing and Urban...

We completed an audit of the Housing Authority of the City of Asbury Park, Asbury Park, New Jersey. The objectives of the audit were to determine whether (1) capital funds were properly expended and obligated in accordance with HUD requirements, (2) salaries and related benefits allocated to different programs were reasonable and supported, and (3) controls over maintenance and repairs were adequate. The Authority did not adequately administer...

During the eighth in our series of ongoing audits of the Lower Manhattan Development Corporation's (LMDC) administration of the $2.783 billion in Community Development Block Grant Disaster Recovery Assistance funds provided to the State of New York following the September 11, 2001, terrorist attacks on the World Trade Center in New York City, we identified a concern about whether certain activities, for which funds have been disbursed and...