After a recent report from a federal watchdog alleged that the agency in charge of Nevada’s portion of the government’s Hardest Hit Fund misused $8.2 million, the agency in question and its overseer said they disagree with the report’s findings, writes HousingWire staffer Ben Lane.
The report from the Office of the Special Inspector General for the Troubled Asset Relief Program, or SIGTARP, says that the Nevada Affordable Housing Assistance Corporation (NAHAC) used the $8.2 million in federal funding for a number of expenses that were well outside the boundaries for which what money was designated. The Hardest Hit Fund was designed to help state housing finance agencies assist struggling homeowners and help stabilize neighborhoods in many of the nation’s hardest hit communities.
In a statement, the Nevada Department of Business and Industry’s Housing Division says the money supposedly wasted by the NAHAC is nowhere close to $8.2 million, and second is that it already reported many of the same issues to the Treasury Department on multiple occasions.
“In fact, the Department believes that no more than $200,000 ultimately may be in question,” the statement continues. “It will be up to the U.S. Treasury to determine the final number, and the Department will work closely with the federal government in that regard. Whatever the final number, those responsible should be held accountable.”