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B-164031(1) 1 (1970-03-30)

handle is hein.gao/gaobabksa0001 and id is 1 raw text is: isw m q m. au- - w i c zo uDe reEease no niu s mUe the u enerai *qc~thkv Office eec w1nthe -basis tof spe6ifii 4pirovau 6- // C) ftyte Office of* gikv va Lvais.y deeeWe bh.ls kept - 7o by the MsibuVan Section, Publications Branch, OAS COMP TROLLER GENERAL OF THE UNITED STATES Q WASHINGTON, D C -9A548 RELEASED Dear Mr Smith- In accordance with your letter of September 15, 1969, and as agreed with you and Congressman Bob Casey at a meeting on Decem- ber 18, 1969, the General Accounting Office has made an analysis of the costs that would be incurred by the Federal Government and an educa- tional institution under the loan, interest subsidy, and grant methods of iinancing the construction of educational and related facilities, giving consideration to two different methods in calculating costs. The bases used in our analysis and the results are summarized below, and details are presented in enclosure I. BASES AND ASSUMPTIONS USED IN GAO ANALYSIS Under one program administered by the Department of Health, Education, and Welfare (HEW) to assist institutions of higher education in the construction of educational facilities, an institution can receive financial assistance in the form of a grant equal to 50 percent of the development cost of a facility, a 3-percent loan equal to 75 percent of the development cost of a facility; an interest subsidy equal to the in- terest in excess of 3 percent paid by an institution for a non-Federal loan for 90 percent of the development cost of a facility; or a combina- tion of a grant and loan. Under another HEW program, vocational insti- tutions may receive grants or interest subsidies for the construction of residential schools. Also, under a program administered by the Department of Housing and Urban Development (HUD), institutions of higher education can ob- tain assistance in financing the construction or the purchase of dormi- tories and related facilities in the form of 3-percent loans and/or inter- est subsidies equal to the interest in excess of 3 percent paid by an in- stitution for a non-Federal loan. Background information on the HEW and the HUD programs for the construction of educational and related facilities is presented in en- closure II. COO2

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