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089480 1 (1974-03-28)

handle is hein.gao/gaobacvmp0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C 20548 RESOURC.ES AND ECONOMIC DEVELOPMENT DIVISION The Honorable David 0. Meeker, Jr. Assistant Secretary for Community Planning and Development Department of Housing and Urban Development Dear Mr. Meeker The General Accounting Office has reviewed the administration of the urban renewal program by the Department of Housing and Urban Development (HUD) Federal financial assistance for urban renewal projects is provided to local public agencies (LPAs) by HUD either through direct loans, advances, or grants. HUD provides, through grants, two-thirds of the net project costs (gross costs of urban renewal projects less proceeds from the disposition of land) for commu- nities of over 50,000 population and three-fourths for communities of 50,000 or less population. Since the inception of the program in July 1949 to December 1972, HUD has approved 2,090 conventional urban renewal projects in 975 communities and 392 Neighborhood Development Program (NDP) projects in 391 communities throughout the United States. According to HUD records, through fiscal year 1973, a total of $12.4 billion was made available to communities for conventional and NDP projects. As of June 30, 1973, $6.9 billion of this amount had been expended with the remaining amount of about $5.5 billion to be made available to the communities, according to HUD, at the rate of about $1 billion a year. HUD statistics show that 59 percent of all projects spend more than 8 years in execution and 30 percent require more than 12 years. HUD statistics also show that the Federal grant for a typical urban renewal project requires a 60 percent increase over initial estimates when the project begins the execution phase and another 40 to 50 percent increase prior to completion. We examined data for 45 projects in four States--California, Georgia, Massachusetts, and Nevada--and found that the total estimated cost for these projects had increased from initial estimates totaling $330 million to $459 million, or 39 percent, as of December 1972. Tne $129 million increase in costs resulted in a $90 million, or 46 percent, increase in the Federal costs for these projects.

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