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GAO-07-768R 1 (2007-05-25)

handle is hein.gao/gaocrptavhy0001 and id is 1 raw text is: SGAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 May 25, 2007 The Honorable Maxine Waters Chairwoman Subcommittee on Housing and Community Opportunity Committee on Financial Services House of Representatives Subject: Leveraging Federal Funds for Housing, Community, and Economic Development Dear Madam Chairwoman: Each year the federal government funds numerous affordable housing and community and economic development initiatives through an array of programs, such as the Department of Housing and Urban Development's (HUD) Section 108 Loan Guarantee (Section 108) program.' Yet, the need for federal money to fund these initiatives has continued to grow, while the federal budget increasingly has been strained by other competing funding priorities. To help finance their initiatives and achieve program goals, recipients of funding under these federal programs often have combined or leveraged their funds with other federal, state, local, and private sector resources. While leveraging is generally recognized favorably by public and private sector officials, its use in federal programs has not been widely analyzed. This report responds, in part, to your request that we examine leveraging as it relates to federal housing, community, and economic development programs. Specifically, this interim report (1) examines the perspectives of stakeholders-government and industry officials, academics, and others with knowledge of or experience with leveraging-on the use, implications, and measurement of leveraging in housing and community and economic development programs and (2) describes the type of data HUD collects that could be used to determine the extent of leveraging in the Section 108 program. Additionally, enclosure II describes how federal funds may have been or could be leveraged in the Section 108 program.2 'As described in further detail in this report, the Section 108 program allows communities to borrow against their current and future Community Development Block Grant allocations to fund larger-scale housing and community and economic development projects. 2Also as will be discussed in this report, the Section 108 data derive from information on proposed sources and amounts of funding at the time of application for program funding. Because the data do not represent actual funding, we describe the funding conditionally-for example, may have been leveraged. GAO-07-768R Leveraging Federal Funds

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