Audit: California agency lags in overseeing housing funds
LOS ANGELES (AP) — An audit concludes a California agency isn’t adequately monitoring two housing grants aimed at helping low-income residents and failed to implement more than a dozen recommendations from a previous investigation.
The state auditor’s office says Thursday that the latest study finds the Department of Housing and Community Development doesn’t perform required on-site monitoring and can’t be sure funds are being used properly.
The auditors investigated the handling of nearly $5 billion in housing bonds voters passed in 2002 and 2006. It’s the fifth time the auditor has looked into how HCD manages bonds since 2007.
The report recommends that the agency be required to report annually to state legislators.
HCD says it has already updated monitoring procedures and looks forward to implementing additional recommendations outlined in the audit.