Hospital Construction:

Financial Information on HUD's Section 242 Hospital Mortgage Insurance Program

HRD-89-14: Published: Dec 22, 1988. Publicly Released: Dec 22, 1988.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a legislative requirement, GAO reviewed the financial status of the Department of Housing and Urban Development's (HUD) Section 242 Hospital Mortgage Insurance Program.

GAO found that: (1) HUD administered the program from its General Insurance Fund, which had incurred a cumulative operating deficit of over $2.6 billion as of December 31, 1987; (2) although HUD estimated that the deficit would increase by $236.5 million, Section 242 hospital mortgages would not contribute to the increase, since they would produce an operating surplus of $7.7 million; (3) the program could incur a deficit if one or more hospitals with large mortgages defaulted; (4) as of August 1988, 160 Section 242 mortgages were in force, with original principal totalling over $4.7 billion and unpaid principal totalling about $4.5 billion; and (5) 6 of the 160 mortgages were in default, totalling about $67 million in potential claims against HUD by lenders, but HUD expected to reinstate 4 of those mortgages.

Sep 13, 2017

Aug 1, 2017

Mar 1, 2017

  • housing icon, source: Comstock

    Low-Income Housing Tax Credit:

    The Role of Syndicators
    GAO-17-285R: Published: Feb 16, 2017. Publicly Released: Mar 1, 2017.

Jan 9, 2017

Nov 17, 2016

Oct 31, 2016

Oct 3, 2016

Jul 13, 2016

Jun 8, 2016

May 31, 2016

Looking for more? Browse all our products here