Communities (21 - 30 of 128 items)
Mortgage Financing: HUD Could Realize Additional Benefits from Its Mortgage Scorecard
GAO-06-435: Published: Apr 13, 2006. Publicly Released: May 15, 2006.
Along with private mortgage providers, the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) has been impacted by technological advances that began in the mid-1990s and that have significantly affected the way the mortgage industry works. As a result, in 2004, FHA implemented Technology Open to Approved Lenders (TOTAL) Scorecard--an automated tool that evalua...
Project-Based Rental Assistance: HUD Should Streamline Its Processes to Ensure Timely Housing Assistance Payments
GAO-06-57: Published: Nov 15, 2005. Publicly Released: Dec 15, 2005.
The Department of Housing and Urban Development (HUD) provides subsidies, known as housing assistance payments, under contracts with privately owned, multifamily projects so that they are affordable to low-income households. Project owners have expressed concern that HUD has chronically made late housing assistance payments in recent years, potentially compromising owners'ability to pay operating...
Federal Housing Administration: Managing Risks from a New Zero Down Payment Product
GAO-05-857T: Published: Jun 30, 2005. Publicly Released: Jun 30, 2005.
To assist Congress in considering legislation to authorize the Secretary of the Department of Housing and Urban Development (HUD) to carry out a pilot program to insure zero down payment mortgages, this testimony provides information about practices mortgage institutions use in designing and implementing low and no down payment products. It also contains information about how these practices could...
Mortgage Financing: Actions Needed to Help FHA Manage Risks from New Mortgage Loan Products
GAO-05-194: Published: Feb 11, 2005. Publicly Released: Mar 14, 2005.
The U.S. Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), insures billions of dollars in home mortgage loans made by private lenders. FHA insures low down payment loans and a number of parties have made proposals to either eliminate or otherwise change FHA's borrower contribution requirements. GAO was asked to (1) identify the key characteristics...
Rural Housing: Changing the Definition of Rural Could Improve Eligibility Determinations
GAO-05-110: Published: Dec 3, 2004. Publicly Released: Jan 3, 2005.
Rural America has become more diverse: technology and the spread of suburbia have linked rural areas to urban areas, resulting in diminished distinctions between the two. The Rural Housing Service (RHS) applies statutory requirements for eligibility that may not reflect changes in rural areas or best determine which areas qualify for its housing programs. GAO's objectives included assessments of h...
Single-Family Housing: Progress Made, but Opportunities Exist to Improve HUD's Oversight of FHA Lenders
GAO-05-13: Published: Nov 12, 2004. Publicly Released: Nov 12, 2004.
Every year, the Department of Housing and Urban Development (HUD), through its Federal Housing Administration (FHA), insures billions of dollars in home mortgage loans made by private lenders. Oversight of lenders has historically been a challenge for HUD. In January 2003, GAO reported that, due in part to poor lender oversight, HUD's single-family mortgage insurance programs remained a high-risk...
Single-Family Housing: HUD's Risk-Based Oversight of Appraisers Could Be Enhanced
GAO-05-14: Published: Nov 5, 2004. Publicly Released: Nov 5, 2004.
Incomplete or inaccurate appraisals resulting in property overvaluations may expose the Department of Housing and Urban Development's (HUD) Single-Family Mortgage Insurance programs--which insured about 3.7million single-family mortgage loans with a total value of about $425 billion in fiscal years 2001 through 2003--to greater financial risks. In 1999, GAO reported on the need for improvements in...
Survey of State and Local Offices Administering Section 521 Rental Assistance, an E-supplement to GAO-04-937
GAO-04-978SP: Published: Sep 13, 2004. Publicly Released: Sep 13, 2004.
This is a companion report for GAO-04-937. This document presents the results of GAO's survey of the Rural Housing Service's (RHS) state and local offices administering the Section 521 Rental Assistance Program. The purpose of the survey was to determine (1) how RHS distributes rental assistance through state and local offices, (2) how RHS monitors the rental assistance distribution process, and (...
Rural Housing Service: Agency Has Overestimated Its Rental Assistance Budget Needs over the Life of the Program
GAO-04-752: Published: May 20, 2004. Publicly Released: May 20, 2004.
The Rural Housing Service's (RHS) Section 521 Rental Assistance Program provides rental subsidies to about 250,000 rural tenants through 5-year contracts with project owners; 20-year contracts were also issued from 1978 through 1982. In early 2003, RHS reported hundreds of millions of dollars in unexpended balances, primarily tied to 5- and 20-year contracts issued from 1978 through 1982. Since co...
Military Housing: Further Improvement Needed in Requirements Determinations and Program Review
GAO-04-556: Published: May 19, 2004. Publicly Released: May 19, 2004.
The Department of Defense (DOD) plans to spend about $9.8 billion in fiscal year 2004 to provide housing for about 711,000 families of activeduty military personnel in the United States. DOD's policy for some time has been to rely on housing in the local communities and provide military-owned or privatized military housing when the communities cannot satisfy requirements. Historically, DOD has vie...