Examining Fraud Risks and Partnerships in Nonprofit Housing Development

HomeRise, a nonprofit housing developer that has received more than $200 million in grants and loans from the city of San Francisco, declares on its website that its mission is “to help people experiencing homelessness secure housing and become self-sufficient.”

However, in April, an independent audit revealed questionable spending of the organization’s funds. While the scope of inappropriate spending was not clear due to incomplete record-keeping, the audit found that most of the grant money went toward staff salaries, including large bonuses that violated the city’s grant agreement.

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