Non-compliance with appraisal requirement for CBIA projects
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe housing projects under the Community-Based Initiative Approach (CBIA) did not get the required appraisals from three appraisers (two private and one government) to establish fair costs, violating the rules.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Moreover, both contracts do not have appraisal reports from two accredited private appraisers and one appraiser from the government to determine the reasonable cost of acquiring developed lots inclusive of raw land cost and completed HUs as required by the CBIA Omnibus Guidelines."