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CED-81-62 1 (1981-02-17)

handle is hein.gao/gaobabbnm0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 COMMUNITY AND ECONOMIC t.1-orMLWT DIVISION FEBRUARY 17, 1981 B-201307 The Honorable Samuel R. Pierce, Jr. The Secretary of Housing 147 and Urban Development 114370 Dear Mr. Secretary: Subject: /Examination of the Financial Statements of he Urban Renewal Fund for Fiscal Year 19791 (CED-81-62) The Urban Renewal Program, which is administered by the Department of Housing and Urban Development (HUD), was authorized by title I of the Housing Act of 1949 to provide Federal financial assistance in the form of loans and grants to localities for rehabilitating and redeveloping slums and blighted areas. The local communities' urban renewal plans must be approved by HUD to qualify for Federal financial assistance. Grants may be made for capital improvements, relocation, demonstration, rehabilitation, code enforcement, and neighborhood development. In addition to grants, HUD guarantees loans to the communities from commercial banks. If commercial loans are impracticable, HUD may make direct loans from the Urban Renewal Fund to the local communities. HUD borrows these loan funds from the U.S. Treasury. The program was terminated by title I of the Housing and Community Development Act of 1974. The lawprovided that no new projects could be approved after January 1, 1975, but that all projects already contracted with the local communi- ties could be completed. Since many of the projects have not been completed, the Fund remains active, even though HUD is striving to close out the program. Although there have been no new appropriations to the Fund, any unused balances from completed projects may be recycled to assist the completion of other previously approved projects. As of September 30, 1979, the Fund managers reported assets totaling $637 million. SCOPE OF EXAMINATION We have examined the combined balance sheet of the Urban Renewal Program as of September 30, 1979, and the related combined statements of income and expense and cumulative (386652)

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