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GGD-81-26 1 (1980-11-17)

handle is hein.gao/gaobabbig0001 and id is 1 raw text is: * t(3?77 UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 O 790* GENERAL GOVERNMT 113977 DVSON,,,,,o, NOV 7 1980 i,* ,:ce Z.,. RELEASED The Honorable Benjamin S. Rosenthal Q1ei4I *'We Chairman, Commerce, Consumer, and Uq°s?' 'e0cficQe e Gn.,. Monetary Affairs Subcommittee -5Ii..i. Committee on Government Operations House of Representatives /5AO IS-f; Dear Mr. Chairman: Subject: 7Request for information concerning investor purchases 'of condominiums and cooperative unitj (GGD-81-26) On October 10, 1980, you 'requested that the General Accounting Office assist your Subcommittee in its investigation into the Federal response to the growing trend toward the conversion of multifamily rental buildings into condominium or cooperative housing, and how governmental programs and activities are presently affecting this conversion trend.) To assist your Subcommittee, you asked that we examine the publc property tax and the title records of 50 specific properties owned by the American Invsco Corporation. As a result of your staff's decision to develop the information for 2 of the proper- ties, this total was later reduced to 48. You said that in pursuing the central issues of your investiga- tion it was necessary to determine to the greatest extent practicable the identity of those in ividuals who have purchased condominiums or cooperative units for investment purposed. As you requested, our investigation consisted of examining pulic property tax and title records in the county offices which have jurisdiction over areas where such conversions have taken place. The information to be provided was the name and address of each individual or entity whose address dif- fered from the address of the condominium or cooperative building; the price paid for the unit; the name and address of the mortgagee or other lender; and the amount financed. We are forwarding the details of our work under separate cover. This contains seven enclosures, each presenting the data collected in each of the seven States we visited. Where appropriate, introductions to these enclosures provide conditions or guidance concerning the use of the information developed. (233069) 31&-

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