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CED-80-31 1 (1979-12-19)

handle is hein.gao/gaobababt0001 and id is 1 raw text is: 




REPORT BY THE


Comptroller General


OF THE UNITED STATES


HUD Should Improve Its Management

Of Acquired, Formerly Subsidized

Multifamily Projects



HUD's financial management system does not
provide agency and project employees infor-
mation needed to control project costs ade-
quately at formerly subsidized multifamily
housing projects which HUD has acquired and
manages.Without such information,HUD offi-
cials cannot easily control project expenses.
When rent revenues are insufficient to meet
expenses, the deficit is paid by HUD's General
and Special Risk Insurance Funds.

Because operating expenses are not identified
and subsequently are absorbed by the insur-
ance funds, there is limited congressional bud-
getary oversight over HUD's operation of its
acquired multifamily housing inventory.

HUD can reduce its losses at these projects by
improving management in such areas as pro-
ject monitoring, tenant income verifications,
and controls over expenditures.








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                                                                 CED-80-31
                                                        December 19, 1979

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