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RED-76-37 1 (1975-10-29)

handle is hein.gao/gaobaabpn0001 and id is 1 raw text is: 4:0mp11~of iR C-tNERAL OF TWE UNITED STATES B-114860 The 5onorable The Secretary of Housing and Urban Development O ' 9 !975Ill/I BEST DOCUP'. A VAILABLE Deaf Ma0!nm Scretary- Enclosed is a copy of our testimony presented on Cf Setptemb-r 2, 1Q71;, b-fore the Subcommittee On 'Mancowcr and Housing, H-ouse Coimnmittee on Government Operations, on the results of our review of HUD's managenient and disposition of acquired multifamily properties. Or rview showed the following weaknesses which indicated that HUD war not man- aging and disposing of acquired rozerti-s efficiently 'd effectively. --Contrary to itS poliCy1 cf di r-rier of nrat the earliest possible- Oate and at tne h .qkot pricc, HUD allowed propeLties to temnain in invrntory for long peiuu witho',t making adecuat etforts to dispose of them. --While properties were in the inventory, they were not managed in a manner that would improve their ultimate marketability, nor did they orovide decent and safe housing fcr tenants. Specifically, HUD and the manaq.-.ent agents did not (I) maintain properties in aood repair, (2) make adequatc efforts te increase occupancy, (3) est-blii.h rents at fair market rates, or (4) collect delinquent rents, These weaknesses resulted in (1) increased costs for holding properties in inventory, (2) failure to rmaximize return on the Feeril investment, and ('3) nants livinq .n unsafe and unsanitary housincg As you know, defaults of multifamily ,-ropcrties have .....reased dramtically in recent yeats ard are now at an all-time hJqh. In additior to the f- .... i .v.nt.v o mu!- family properties acquired by HUD, another serious concern is the even larger inventory of multifamily properties RED-76-37 9qqq5- , ,, / ~~'~1

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