HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.gao/gaobaaydm0001 and id is 1 raw text is:
DOCUNPWT RESUME
07428 - [C27879051
[Implementation of Revise. Section 235 Homeownership Program].
CED-78-16; B-171630. Noveaber 23, 1977. 5 pp.
Report to Secretary, Department of Rousing and Urban
Development; by Henry Euchviege, Director, Community and Economic
Developnent Div.
Issue Area: Domestic Housing and Community Development: Uousing
for Low and moderate Income Families (2101).
Contact: Community and Economic Development Div.
Budget Function: Tncome Security: Public Assiftat%:e and Other
Tncome Supplements (604); Comun.Ay and Regional
Development: Community Development (451).
Organization Concerned: Depa=6*ment of Housing and Urban
Development.
Congressional Relevance,, Hois-4 Committee on Banking, Finance and
Urban Affairs; Senate Committee on Banking, Housing and
Urban Affairs.
Ar. inquiry van conducted into the Departuint of Hoasing
and Urban Developmentss (HUD-') Implement-tion of tke revised
section 235 homeownership program. Since its inception in
January 1976, the program has helped only 9,459 hLTnobuyers, and
only $21.3 illion of the total S264.1 million ir Contract
authority has been reserved or obligated. The ip t~eut's
initial goal was to spend the $264.1 million ovv 3 2- and
3-year period to .asist 250,000 to 300,000 homeb o.s. Therc has
been little activity in many major metropolitan a;'fts although
these areas have received relatively large porticis of tne
p,:ogram's allocated funds. Although many persons interviewed
agreed that the concept of the program is good and that !t filli
a need for persons who want to b!, homeowners but canLot afford a
home through conventional means, mortgagees were the only group
Ylich indicated eome satisfaction with the current program
.equirements. The following actions to increase program
'articipation should be considered: lovering the downpayment,
increasing the Interest subsidy, e.itending the li4.e of the
mortgage, making existing housing eligible under the program,
relaxing the rigid 40% limitation on the number of section 235
homes in a subdivision, ar,. increasing the mortgage limits.
(RES)](ViewImageLocal?handle=hein.gao/gaobaaydm0001&div=1&collection=&method=preview&ext=.png&size=3)