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089484 1 (1973-11-09)

handle is hein.gao/gaobacvmt0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 MANPOWER AND WELFARE DIVISION November 9, 1973 Mx. Louis Ramirez Associate Director Office of Economic Development Office of Economic Opportunity Dear Mr. Ramirez: We have reviewed selected activities of the Opportunity Funding Corporation (Corporation) a grantee of the Office of Economic Opportunity (0EO). In June 1970 the Corporation, a private, nonprofit institution, received a $7.4 million grant from OEO to carry out demonstration programs designed to attract capital to low-income communities. The Corporation or OEO,based on the results of the demonstration programs, can seek to modify existing legislation or to establish new Federal programs relating to economic development. OEO, through its Office of Economic Development, is responsible for approval and evaluation of the Corporation's programs and their related budgets. We believe our observations may be useful to OEO and the Corporation in determining future strategy of programs carried out by the Corporation, Although the 0EO grant to the Corporation was made in June 1970, the Corporation's first employee (the president) did not assume his duties until December 1970. The Corpora- tion's first demonstration program was approved by CEO in February 1971 and through June 30, 1973, the Corporation had established five demonstration programs--banking, bonding, financial assistance to local development corporations (local injection), flexible loan and equity guarantees, and real estate development. A Corporation official advised us that through June 30, 1973, costs of about $930,000 were incurred in administering these programs. Our efforts were directed primarily toward reviewing the Corporation's first three programs, Only four projects had been initiated under the- latter two programs as of June 30, 1973. OIIIIII um I m unnonu m ouunnuun nn . .I.......... .....l.....'......

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