HUD Compliance With Continuing Resolution Provision for Using the Full Amounts of Loan Guarantee Limitations
PAD-83-15: Published: Jan 21, 1983. Publicly Released: Jan 21, 1983.
- Full Report:
In response to a congressional request, GAO monitored the Department of Housing and Urban Development's (HUD) compliance with a section of the third continuing resolution for fiscal year 1982 which provided that the heads of departments should enter into commitments to guarantee or insure the full amounts provided for in this joint resolution or other applicable law. In particular, GAO reviewed the Federal Housing Administration (FHA), the Government National Mortgage Association (GNMA), and Section 108 loan guarantee programs.
GAO found that HUD has complied with the third continuing resolution. The FHA and GNMA loan guarantee programs were using their available authority; however, for a while the Section 108 loan guarantee program was being restrained from making any new loan guarantee commitments. In January and February the authority for the Section 108 loan guarantee program was released. HUD requested and OMB approved an apportionment equal to the amounts specified in the appropriations language, and HUD execution schedules show that commitments were starting to be made in February and continued through the rest of the fiscal year.