DBAS holds mandatory meetings for 1602 recipients
Three of the six mandatory meetings scheduled for 72 owners of 1602 projects who received reports from Spectrum Enterprises regarding deficiencies that need to be corrected were held yesterday in the DHSS conference room on the second floor of the Lumana’i Building.
Spectrum performs compliance monitoring for the Development Bank of American Samoa for the bank’s 1602 Tax Credit Exchange Program portfolio.
The meeting was conducted by officials of DBAS, which administers the federally funded 1602 program.
The last three meetings will be held today at the same location from 9am-10am; 10:30am-11:30am; and 1pm - 2pm.
Samoa News understands the reports from Spectrum Enterprises to the 72 project owners include deficiencies in owner’s reports, tenant files, and/or physical defects of their 1602 units.
During the meetings, DBAS officials will follow-up with the 72 project owners regarding their progress in correcting the deficiencies noted in the Spectrum reports and in addition, provide important information to assist those project owners in correcting other issues that include: required annual reporting, tenant qualification records, and/or the property’s physical conditions.
FBI agents were in the territory earlier this year in July on a fact-finding mission to ensure that alleged misuse of federal funds in American Samoa, including the 1602 program, are fully investigated.
Four projects that were under the microscope during the FBI visit include those owned by a former ASG director, an ASPA official, and two members of the Fono.
The former Director received from the 1602 program a total of $1,081,680, the ASPA official received $106,250 and a member of the Senate received $457,781 while the House member received $189,210.
Samoa News understands the agents were looking into possible misappropriation of the money.
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