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RCED-93-46R 1 (1993-03-17)

handle is hein.gao/gaobackgk0001 and id is 1 raw text is: GAO unitd stage. General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-249999 March 17, 1993 The Honorable Paul S. Sarbanes 148848 Chairman, Subcommittee on Housing and Urban Affairs Committee on Banking, Housing, and Urban Affairs United States Senate Dear Mr. Chairman: This letter responds to your request that we review the experiences of public housing authorities (PHA) in attempting to acquire federal foreclosed properties from the Resolution Trust Corporation (RTC) in order to satisfy the PHAs' needs for low-income housing. PHAs rely on public housing funds from the Department of Housing and Urban Development (HUD) to acquire properties. Our objectives were to (1) find out the extent to which PHAs acquired federal foreclosed properties from RTC between RTC's inception in August 1989 and February 1992, (2) ascertain PHAs' perceptions about any obstacles they may have faced in attempting to acquire federal foreclosed properties from RTC and other federal agencies, (3) highlight specific obstacles, if any, that PHAs believed they had in working with RTC, and (4) identify actions RTC has taken through its Affordable Housing Disposition Program (AHDP) that may address difficulties PHAs believed they were experiencing. To address our first objective, we sent a questionnaire to all 846 PHAs (of which 635 responded) in six states that had the highest inventory of RTC multifamily properties as of June 1991 or had a demonstrated need for additional low- income housing units as determined by HUD. To address our second-and third-objectives, we conducted interviews with officials from 31 PHAs. The 31 PHAs were selected because they indicated on the questionnaire that they had acquired federal foreclosed properties from RTC between August 1989 and February 1992 (8 PHAs) or because they were from the group of PHAs that indicated they had contacted RTC about GAO/RCED-93-46R, Acquiring Public Housing from RTC 556170

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