Durham, N.C., Project Didn’t Comply with Its Regulatory Agreement

HUD audited the West Village Expansion Project, a HUD Section 220-insured property, in response to a citizen’s hotline complaint. The anonymous caller claimed that the principals of L8, LLC, the managing member of the ownership entity, spent an excessive amount of project funds on legal fees, transferred more than $500,000 to another entity it owned, and failed to keep the mortgage current.

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