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GGD-95-23R 1 (1994-10-31)

handle is hein.gao/gaobackrq0001 and id is 1 raw text is: ) United States GAO General Accounting Office Washington, D.C. 20548 General Government Division B-258643 October 31, 1994 The Honorable James A. Leach Ranking Minority Member Committee on Banking, Finance and Urban Affairs House of Representatives Dear Mr. Leach: The Resolution Trust Corporation (RTC) Completion Act of 1993 required that we review RTC's Affordable Housing Disposition Program (AHDP). The results of our review are presented in our report Resolution Trust Corporation: Affordable Housing Disposition Program Achieving Mixed Results (GAO/GGD-94-202, Sept. 28, 1994). As part of that review, the Minority Deputy Staff Director of the Subcommittee on Housing and Community Development, House Committee on Banking, Finance and Urban Affairs asked us to provide you with information on the nature and cost of an RTC AHDP open house held on May 11, 1993, in Washington, D.C. We are providing this information separately because it was outside the scope of the original assignment. The purpose of the AHDP open house was to highlight the program successes and provide information on single- and multifamily property sales to new members of Congress and their staffs, newly- appointed officials at federal agencies, and representatives from national nonprofit organizations and public housing agencies. The open house was held at RTC's headquarters, lasted about 3 hours, and was attended by about 300 people. The keynote address was given by U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Terence Duvernay. Mr. Duvernay commended the program and acknowledged that, on the basis of the success of RTC's program, HUD would be making major structural changes in its property disposition program to make it more responsive to the needs of the low- and moderate-income buyers. Remarks were also provided by two members of Congress. Congressman Floyd Flake told prospective buyers that AHDP was one of the best programs they could be involved with. Congressman Barney Frank commented that AHDP was the most cost effective way of creating affordable housing. Congresswoman Marge Roukema was also scheduled to provide remarks, but she did not attend. The open house also featured affordable housing booths from RTC field offices in Atlanta; Dallas; Denver; Kansas City; Newport GAO/GGD-95-23R, RTC Affordable Housing Open House

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