HUD suspends funding for Virgin Islands Housing Finance Authority
The U.S. Department of Housing and Urban Development (HUD) suspended funding for the Virgin Islands Housing Finance Authority (VIHFA) following an investigation. The suspension was due to findings of widespread financial mismanagement, inadequate fraud controls, false certifications, and improper payments uncovered during a HUD-initiated investigation. Nearly 10 years after VIHFA received $1.9 billion in HUD disaster recovery funding, VIHFA has spent less than one-third of the fu...
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