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B-168185 1 (1970-01-16)

handle is hein.gao/gaobabksp0001 and id is 1 raw text is: D R M Further reference is made to your telegram of October 17, 1969, and your letter of the same date requesting that we examine into the adequacy of the settlement proposed by the owner of the Tobyhanna Village housing project, in response to foreclosure proceedings initiated by the Federal Housing Administration (FRA), Department of Housing and Urban Development (HUD)b the mortgagee of the project. The mortgage foreclosure proceedings were initiated by ERA in April 1969 for failure of the owner to maintain the premises in good tepair and condition. The project is located on Army-owned land adjacent to the Tobyhanna Army Depot, Tobyhanna, Pennsylvania. In a meeting on October 28, 1969, with Mr. Ray A. Huber of your staff, we informed him of ceitain information we had obtained regarding this mat- ter and advised him that, during the course of our examination, FhA had decided to reject the owner's proposed settlement. We agreed to furnish you with a report summarzing the information we had obtained and to keep you informed of any sionfcant developments which might come to our atten- tion regarding this matter We examined pertinent records at the A Philadelphia Insuring Office; the Tobyhanna Army Depot, Tobyhanna, Pennsylvania; and the HUD headquarters office in Washington, D.C. We also made an inspection of the Tobyhanna VIllage housing project and held discussions with HUD and Army officials and with the manager of the project. The information obtained during our examination is discussed below On September 22, 1964, FHA sold the Tobyhanna Village housing proj- ect, which it had previously acquired through foreclosure of a mortgage to Dr. Gabriel Elias, who took title to the proect i n the name of his mother, Mrs. Bella Angel. For purposes of this report Dr. Elias is referred to as the owner. Thff e s mntof the sales price of $436,300 consisted of a cash payment of $36,300 and a mortgage note for the balance payable over a 39-year period with interest at the rate o 5-i/4 percent. Although Dr. Elias made all the required mortgage payments, ERA contended that he had faled to maintain the property in satisfactory physical condi- tion and that its efforts to have him repair the property generally The ettemet ofthesals prce f $36,30 cnsited f acas pamnto $630 n amrtae4oefor~ th aac aybeoe

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