Potential Reduction in Federally Assisted Rental Housing From Expiring Section 8 Contracts and Mortgage Prepayment Restrictions

T-RCED-87-9: Published: Mar 26, 1987. Publicly Released: Mar 26, 1987.

Additional Materials:

Contact:

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

GAO testified on two reports concerning possible reductions in the number of federally assisted rental housing units. GAO noted that expiring section 8 contracts and mortgage prepayments could reduce the inventory of privately owned, project-based housing units by more than 50 percent by fiscal year 2005; however, this inventory could expand as new units are added. GAO estimated the potential for reducing the tenant-based section 8 inventory using assumptions about minimum and maximum contract terms. Minimum contract terms assume that there will not be funding to renew annual contribution contracts in the next renewal period; however, maximum contract terms assume that funding will be available to renew annual contribution contracts for the total contract term. GAO found that: (1) about 50 percent of the fiscal year 1985 inventory of privately owned, project-based housing units will be subject to prepayment when, and if, alternate private financing becomes available; (2) the fact that section 8 contracts expire will not affect the availability of low income housing; and (3) project marketability and the availability and type of federal assistance will influence the extent to which owners renew their section 8 contracts or prepay their mortgages.

Sep 10, 2018

Jun 26, 2018

Jun 19, 2018

May 17, 2018

Apr 26, 2018

Apr 24, 2018

Apr 17, 2018

Mar 22, 2018

Mar 15, 2018

Feb 15, 2018

Looking for more? Browse all our products here