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We audited the City of Reading's (City) asset control area program as part of a nationwide audit of the U.S. Department of Housing and Urban Development's (HUD) monitoring of program participants. Our objective was to determine whether the City administered its asset control area program in compliance with HUD requirements. We focused our review on whether the City complied with specific requirements in its asset control area agreement (agreement) with HUD pertaining to repairs for its acquired properties, resale of the properties, asset control area boundaries, and conflicts of interest.

The City generally administered its asset control area program in compliance with HUD requirements by complying with specific requirements in its agreement with HUD pertaining to repairs for its acquired properties, resale of the properties, asset control area boundaries, and conflicts of interest and, thereby, administered the program to increase homeownership for low- and moderate-income borrowers and contribute to the revitalization of blighted communities.