U. S. Department of Housing and Urban Development
Southwest District
1600 Throckmorton
P.O. Box 2905
Fort Worth, Texas 76113-2905
(817) 885-5551 Fax (817) 885-2725
September 9, 1996 96-FW-212-1804
MEMORANDUM FOR: Albert Cason, Director, Multifamily Housing Division, 6EHM
FROM: D. Michael Beard, District Inspector General for Audit, 6AGA
SUBJECT: Nova Management
Houston, Texas
As part of our Operation Safe Home effort, we conducted a review of the operations of
Nova Management as it related to three HUD projects with HUD insured/held mortgages.
Based on this review, a draft finding was provided to you and to the President of Nova
Management.
As a result of your efforts, based on the draft, a successful settlement agreement was
reached with Nova Management. As you are aware, Nova agreed to repay the three projects
as follows:
Project Amount
Dyersdale $ 58,409
Gulf Coast 46,283
Columbus 43,560
Total $148,252
Your staff advised that Nova made the last payment under the settlement agreement on
August 10, 1996. Also, the President of Nova Management has apparently taken a more
active interest in the day-to-day operations to ensure that HUD requirements are being
followed. Therefore, the combined efforts of the HUD Multifamily staff and the OIG Audit
staff led to the successful completion of this Operation Safe Home effort.
If you have any questions, please contact Darrel M. Vaught, Assistant District Inspector
General for Audit.
Nova Management, Houston, Texas
Published by the Department of Housing and Urban Development, Office of Inspector General on 1996-09-09.
Below is a raw (and likely hideous) rendition of the original report. (PDF)