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Repay HUD $3,119,448 from non-Federal funds for program funds spent on ineligible participants.
Provide support showing that it took proper remedial action regarding five NSP3 grantees that missed the expenditure deadline, thereby putting $3,379,269 to better use.
Conduct monitoring reviews of all Section 108 projects and ensure that borrowers comply with all loan agreement provisions and HUD regulations.
Ensure that all Section 108 loan proceeds deposited at commercial banks are properly collateralized with Government obligations.
Ensure that borrowers develop and implement a financial management system in accordance with HUD requirements to ensure that program funds can be traced to a level that ensures that such funds have not been used in violation of the restrictions and prohibitions of applicable statutes.
Ensure that the borrowers provide HUD the additional security requirements according to the loan agreement.
Ensure that the borrowers either transfer the unexpended Section 108 loan proceeds to the repayment account or submit a request for extension to HUD.
Obtain and submit supporting documentation showing the eligibility and propriety of $367,840 in disbursements or reimburse the loan guarantee account from non-Federal funds.
Recover from the borrowers and reimburse $1,080,242 to the applicable loan guarantee account from non-Federal funds for ineligible disbursements that were not related to the approved projects and used to finance local government operations.
Conduct monitoring of the Section 108 activities with signs of slow progress to ensure that program objectives are met and provide the intended benefits.
