Housing (21 - 30 of 115 items)
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...
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...
Multifamily Housing: More Accessible HUD Data Could Help Efforts to Preserve Housing for Low-Income Tenants
GAO-04-20: Published: Jan 23, 2004. Publicly Released: Feb 23, 2004.
The Department of Housing and Urban Development (HUD) has subsidized the development of over 23,000 properties by offering owners favorable long-term mortgage financing or rental assistance payments in exchange for owners' commitment to house low-income tenants. When owners pay off mortgages--the mortgages "mature"--the subsidized financing ends, raising the possibility of rent increases. GAO was...
Public Housing: HUD's Oversight of HOPE VI Sites Needs to Be More Consistent
GAO-03-555: Published: May 30, 2003. Publicly Released: Jun 30, 2003.
Congress established the HOPE VI program to revitalize severely distressed public housing. In fiscal years 1993 to 2001, the Department of Housing and Urban Development (HUD) awarded approximately $4.5 billion in HOPE VI revitalization grants. The Ranking Minority Member, Subcommittee on Housing and Transportation, Senate Committee on Banking, Housing, and Urban\ Affairs, asked GAO to examine HUD'...
Multifamily Rural Housing: Prepayment Potential and Long-Term Rehabilitation Needs for Section 515 Properties
GAO-02-397: Published: May 10, 2002. Publicly Released: Jun 11, 2002.
Nearly 450,000 elderly and other households depend on federal assistance to live in multifamily rural rental properties that were constructed with subsidized federal loans. Because the properties were built in areas when and where privately financed housing units, affordable by lower income households, were not considered economically feasible, the U.S. Department of Agriculture's Rural Housing Se...
Department of Housing and Urban Development: Status of Achieving Key Outcomes and Addressing Major Management Challenges
GAO-01-833: Published: Jul 6, 2001. Publicly Released: Aug 6, 2001.
This report reviews the Department of Housing and Urban Development's (HUD) fiscal year 2000 performance report and fiscal year 2002 performance plan to assess the agency's progress in achieving selected key outcomes important to the agency's mission. GAO found that although HUD did not attain all of the goals pertaining to the selected key outcomes in its fiscal year 2000 annual performance plan,...
HUD Multifamily Housing: Improved Follow-up Needed to Ensure That Physical Problems Are Corrected
GAO-01-668: Published: Jun 21, 2001. Publicly Released: Jul 30, 2001.
The Department of Housing and Urban Development (HUD) assists nearly 30,000 privately owned and operated multifamily properties to provide affordable housing for low and moderate income persons. HUD is responsible for ensuring that the owners of HUD-assisted properties provide housing that is decent, safe, sanitary, and in good repair. HUD began its Real Estate Assessment Center (REAC) in 1998 to...