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RED-76-99 1 (1976-04-21)

handle is hein.gao/gaobaaegy0001 and id is 1 raw text is: -A RESTR!CT: D - Mot to be rele;.sed outside the General Accoumt'ng Office except on the basis f specific approval by the Offece of Cngresslonal Relations. COMPTROLLER GENERAL OF THE: UNITED STATES WASHINGTON.:: C. 2,18. The Honorable Robert Morgan United States Senate Dear Senator Morgan: APR 2 1 1976 LM090530 -- In your January 8, 1976, letter, you requested vs to /a' ,7i ev-afe certain real estate transactions by the Greer.sboro Redevelopment Commission in Greensboro, North Carolina which involved a write-down of abol.L $2 million and the later sale of redevelopment propercy for about $200,000 less than the established appraised value. The sale' involved land which the Redevelpment Commission acquired in 31 separate parcels for $2,363,174, beginning in August 1971. Although the land was valued under Department of Housing and Urban Development approved procedures at 3 $595,600, it was later sold to the Greensboro '%ews Company in September 1974 for $391,248. On March 19, 1976, we briefed you on the restlts of our examination. As you requested, we are providing a summary of the information presented at that briefing. We conducted our work at the Department of Housing and Urban Development headquarters, Washington, D.C., and the Department area office and the Greensboro Redevelopment Commission, Greensboro, North Carolina. BACKGROUND The urban renewal program was established by the Housing Act of 1949 (42 U.S.C. 1441). The program w~s terminated by the Housing and Ccmmunity Development Act cf 1974 (42 U.S.C. 5301 et seq.) which consolidated several cate- g,rical programs, including the urban renewal program, into one block grant program. One of the pri a:y purposes of the urban rene-4,.± program was to assist com.,unities in the clearance of slums and blighted areas for subsequent redevelopment. The program represented a three-sided partnership of the Federal Government, local government, and private enterprise. The RED-76-99 0-4V BEST DOCUVE1T I AVi, LAUL. B-P O7S30 ~-ObI ',C~~7 t q6 _s7---o(

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