HUD Needs To Improve Its Oversight of PBRA and FHA-Insured PBV Properties Converted Under RAD
Provide training to field staff members to ensure that they have the skills necessary to complete MORs of converted properties.
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HUD Needs To Improve Its Oversight of PBRA and FHA-Insured PBV Properties Converted Under RAD
Develop and implement a plan to determine how to implement the risk-based approach to review the RAD properties that have not had subsequent MORs in more than 3 years and to require periodic MORs going forward.
Status
HUD has not provided a draft plan for corrective action yet.
Analysis
Developing a plan to implement the risk-based approach would establish the criteria for identifying properties that are at a higher risk of noncompliance.
HUD Needs To Improve Its Oversight of PBRA and FHA-Insured PBV Properties Converted Under RAD
Complete the initial MORs for RAD properties that have not had an initial MOR.
Status
HUD has not provided a draft plan for corrective action yet.
Analysis
Completing initial MORs would assist HUD in holding property owners accountable for maintaining the conditions of their properties and sufficient reserve for replacement accounts balances, which could impact property owners' ability to make needed capital repairs.
HUD Needs To Improve Its Oversight of PBRA and FHA-Insured PBV Properties Converted Under RAD
Determine the appropriate timeframe for when initial MORs should be completed for all properties that convert under RAD and issue updated guidance that includes a system to track the timeliness of initial MORs.
Status
HUD has not provided a draft plan for corrective action yet.
Analysis
HUD Needs To Improve Its Oversight of PBRA and FHA-Insured PBV Properties Converted Under RAD
Review the non-life-threatening health and safety and other deficiencies observed by the audit team and ensure that property owners and agents make the necessary corrections to the deficiencies as appropriate.
FHA's Office Of Asset Sales Did Not Have Adequate Information To Measure Its Loan Sales' Program Success
Enhance existing demonstration guidance within the Conveyance, Assignment, and Assumption Agreement to provide further detail regarding documentation retention requirements.
FHA's Office Of Asset Sales Did Not Have Adequate Information To Measure Its Loan Sales' Program Success
Enhance data collection and processing controls to ensure consistency in reporting data.
FHA's Office Of Asset Sales Did Not Have Adequate Information To Measure Its Loan Sales' Program Success
Update the Conveyance, Assignment, and Assumption Agreement to require purchasers to report final property outcomes and identifying information including those of third-party purchasers when applicable.
HUD’s Office of Multifamily Needs To Improve Its Oversight of PBRA and FHA-Insured PBV Properties Converted Under RAD
HUD’s Office of Housing contracts with performance-based contract administrators to administer the housing assistance payments (HAP) contract with owners. Through RAD, HUD oversees the HAP contracts for converted properties and monitors owners for compliance with HUD’s requirements, which include maintaining (1) units in decent, safe, and sanitary condition and (2) reserve for replacement accounts to help defray the cost of replacing properties’ capital items.
The Data in CAIVRS Did Not Agree With the Data in FHA's Default and Claims Systems
Update selection rules for CAIVRS to provide for complete reporting of all ineligible borrowers to put $9.5 million to better use.
Status