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)