CLEVELAND — Federal authorities conducted a search at the residence of a well-known real estate developer in Ohio, who has notable holdings in affordable housing and senior living facilities across 26 states.

Agents from both the Department of Housing and Urban Development (HUD) and the Department of Agriculture arrived at the Cleveland-area home of Frank Sinito, the founder of Millennia Companies, on Wednesday.

This operation follows a significant event from recent months when HUD prohibited Millennia Companies from obtaining any new federal contracts for a period of five years. This decision was based on findings from an investigation by the HUD inspector general, which revealed $4.9 million in funds that were either missing or improperly used across 19 properties linked to Millennia that were insured or subsidized by HUD.

Marisa Darden, representing Sinito, confirmed that federal agents were present at his residence and emphasized that both he and his company are fully cooperating with the ongoing investigation.

“It is important to remember that an investigation is just that,” Darden stated. “There have been no arrests and no charges filed.”

A representative from the U.S. Attorney’s Office chose not to provide any comments regarding the situation.

Millennia Companies manages around 280 apartment complexes, in addition to several significant office and apartment structures located in the Cleveland area.