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HUD’s Measurement of Held Vacant Loan Sales (HVLS) Mission Objectives

HUD OIG is auditing the Office of Asset Sales’ HUD-Held Vacant Loan Sales (HLVS) program, which is another disposition option for defaulted, formerly FHA single-family reverse mortgage loans owned and competitively auctioned by HUD to reduce losses and improve recoveries to FHA’s Mutual Mortgage Insurance Fund. The HLVS 2022-1 sale was held in December 2021 and included 1,605 settled loans with an unpaid loan balance of $398.6 million, with 50% percent of the loans sold to nonprofit organizations.

State of California, 2018 Disasters Owner-Occupied Rehabilitation and Reconstruction Program

We selected the State of California’s 2018 disaster owner-occupied rehabilitation and reconstruction program to audit after an internal risk assessment of disaster grantees showed the grant was newer and had not yet disbursed the majority of its funding.  The State received more than $1 billion for the 2018 disasters.  Our audit objective was to determine what the State is considering and to what extent resilience-based mitigation efforts help homeowners to withstand potential future disasters, along with how the State is prioritizing its efforts in the pro

Hawaii-based Grantee ESG-CV Program Fraud Risk Management Assessment

HUD OIG is auditing a Hawaii-based grantee's Coronavirus, Aid, Relief, and Economic Security (CARES) Act, Emergency Solutions Grants (ESG-CV) program. The CARES Act provided nearly $4 billion in special ESG funds to grantees to prevent, prepare for, and respond to the coronavirus pandemic and supports activities, such as, rapid re-housing, homelessness prevention programs, and emergency shelters for people experiencing homelessness.