| Text of Recommendation | Transfer all escrow funds to a financial institution that is supervised by the Federal Deposit Insurance Corporation or the National Credit Union Administration and ensure that all deposits are secured by the Federal Government. Any amount not recovered from the Development Bank must be reimbursed to the escrow account from non-Federal funds. |
|---|---|
| Recommendation Number | 2017-AT-1003-002-A |
| Recommendation Status | Open |
| Recommendation Questioned Costs | $0 |
| Recommendation Funds for Better Use | $0 |
| Submitting OIG | |
|---|---|
| Report Title | The Puerto Rico Department of Housing, San Juan, PR, Did Not Properly Administer Its Multifamily Special Escrow Funds |
| Report Submitting OIG-Specific Report Number | 2017-AT-1003 |
| Report Date Issued | Wednesday, March 1, 2017 |
| Report Questioned Costs | $0 |
| Report Funds for Better Use | $0 |