The Resolution Trust Corporation is not authorized to extend the exclusive bidding period for single-family residential properties in its affordable housing program beyond 97 days. RTC is authorized to remarket single-family properties under the affordable housing program where a sales contract with a qualifying purchaser falls through with 97 days being the total number of days the property is of...

In response to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) single-family affordable housing program, focusing on whether RTC: (1) may offer qualifying purchasers an opportunity to bid on unsold single-family properties at the end of the bidding period; and (2) may remarket a property when a purchase offer does not occur within the bidding period. GAO noted that R...