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B-114873 1 (1973-01-30)

handle is hein.gao/gaobaafzm0001 and id is 1 raw text is: tL- it COMPTROLLER GENERAL OF THE UNITED STATES ? WASHINGTON. D.C. 2048 B-114873 A 017 LM096184 i Dear Mr. Chairman: In accordance with your request of January 27, 1972, and subsequent discussions with our representatives, we reviewed certain aspects of the administration of the rural rental housing program of the Farmers Home Administration (FHA), Departmen ntM of utraff ouri. Under the rural rental housing program, FHA makes loans to provide moderate cost rental housing for elderly persons and other persons of low and moderate incomes in rural areas. Although loans are repayable with interest at rates deter- mined by the Secretary of Agriculture which are stated in the borrowers' promissory note, FHA can provide financial assist- ance in the form of interest subsidies to reduce the interest payable on the promissory notes and therefore achieve reduc- tions in the rental rates. As agreed, the results of our review are summarized in this report as they relate to certain statements made in a November 1971 report by the Rural Housing Alliance, Washing- ton, D.C., on studies of the program in Iowa, Missouri, and Wisconsin. In its report, a copy of which was enclosed with your request, the Alliance stated that: --FHA regulations governing the program were confusing, misleading, and unnecessarily restrictive. --The program was developing slowly and was centered in a few States. --Wide variations existed in the manner in which the pro- gram was administered. Our review was made at FHA headquarters in Washington, D.C.; FHA's National Finance Office, St. Louis, Missouri; and FHA State offices and selected FHA county offices primarily in Iowa and Missouri. We reviewed FHA's policies, procedures, practices, and program statistics relative to the rural rental housing program. We interviewed FHA headquarters, State, and county office employees. Our findings are summarized below. _70-140-77'%/C9 )g

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