Housing Finance Agency

Senior Housing Finance Program (Follow-Up Report)

In the Senior Housing Finance Program, the Housing Finance Agency (HFA) finances the construction and rehabilitation of affordable apartments for low-income seniors. To qualify for the financing, the apartment owners must file certain reports with HFA and ensure that their tenants meet the program’s age and income requirements. In audit report 2006-S-29, we examined the owners’ compliance with these requirements and found that certain improvements were needed. For example, some reports were submitted late and some lease agreements were either outdated or missing required HFA riders. When we followed up on these matters with HFA officials, we found that they had made progress in implementing our audit recommendations, but additional actions were still needed.

For a complete copy of Report 2008-F-7 click here.