The Office of Residential Care Facilities’ Use of Real Estate Assessment Center Scores
Very low REAC scores are not prevalent across ORCF’s portfolio. The majority of RCFs that received a REAC score scored at least 80 on their last inspection, and more than three quarters scored at least 60. Despite the small percentage of RCFs that scored below 31, we noticed an overall decline in REAC inspection scores across ORCF’s portfolio from 2000 to 2016.
REAC has adopted an inspection process that applies uniformly to all…
September 15, 2017
Report
#2017-OE-0011
Final Civil Action: Borrower Settled Alleged Violations of Home Equity Conversion Mortgage Program
We audited the U.S. Department of Housing and Urban Development’s (HUD) oversight of its Home Equity Conversion Mortgage (HECM) program and found that 33 borrowers had more than 1 loan under the program. Having multiple loans violated program requirements because HUD requires borrowers to reside in the mortgaged residence as their principal residence and borrowers may not have more than one principal residence at a time. We referred…
September 09, 2016
Memorandum
#2016-PH-1802
Final Civil Action: Borrower Settled Alleged Violations of Home Equity Conversion Mortgage Program
We audited the U.S. Department of Housing and Urban Development’s (HUD) oversight of its Home Equity Conversion Mortgage (HECM) program and found that contrary to program residency requirements, 37 borrowers did not live in the property associated with the loan and were renting the property to participants in HUD’s Section 8 Housing Choice Voucher program. Renting the properties to Section 8 program participants violated program…
September 09, 2016
Memorandum
#2016-PH-1803