Lapses in Reporting, Recording, and Implementation of NHA-SSS Dormitory and Apartment Loan Program
National Housing Authority · 2023
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ManagementIssue: Non-compliancePoor management of a dormitory and apartment loan program resulted in inaccurate financial reports, missed opportunities on foreclosed properties, heavy debts to SSS, high eviction costs, and tax risks on seized properties.
Why It Matters
Recommended Actions
- Evaluate mortgagors’ accounts and take appropriate actions for defaulted payments in accordance with the provisions stated in Item Nos. 7 and 11 of REM
Original Audit Finding Excerpt
"98 AGENCY ACTION PLAN and STATUS OF IMPLEMENTATION RESULTS OF COA VALIDATION Ref. Audit Observations Audit Recommendations Agency Action Plan Status of Implementati on Reason for Partial/Delay / Non- Implementation, if applicable Action Taken/Action to be Taken Date of Follow- up Status of Implemen- tation Actual Implementation Date Remarks Action Plan Person /Dept. Responsible Target Implementation Date From To From To a. Liquidate and/or return the unused fund including the interest thereof to the Source Agency for those trust liability accounts which are nonmoving and had already been completed; and Not Implemented conducted to verify if the amount recorded in the Trust Fund is the same amount received from the beneficiaries of CLSU Employees"