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RCED-84-55 1 (1984-03-05)

handle is hein.gao/gaobabekp0001 and id is 1 raw text is: / #;j ,.J--J . BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Insights Into Major Urban Development Action Grant Issues Between 1978 and November 1983, the Urban Development Action Grant (UDAG) Program provided $3 billion in grants to distressed com- munities for economic revitalization and neighborhood reclamation proj- ects. A small but increasing percentage of these projects has been com- pleted. Using a case study approach, GAO reviewed the actual invest- ment, employment, and local tax results of 12 completed projects and found that these projects exceeded investment expectations, came close to meeting employment expectations, but fell considerably short of realiz- ing projected increases in local tax revenues. The Department of Housing and Urban Development's (HUD's) information system, however, did not provide complete information on the UDAG results realized from the 12 completed projects. cAO also found that many of the most economically distressed small c~ties did not participate in the program because they (1) were unfamiliar ith the program, (2) had insufficient city government capacity to plan a DAG project, and (3) had difficulties in obtaining adequate private sector ihvolvement. I Ip addition, many cities that have received UDAG funds have loaned them t private developers; some of these loans are repaid before a UDAG project is completed. At present, there is no clear policy on whether cities can use these early repayments for additional community and economic development activities. AO makes recommendations that would improve the accuracy of HUD's formation on completed projects, help small cities participate in the ogram, and establish a policy on whether cities should be able to use arly UDAG repayments. 123557 GAO/RCED-84-55 MARCH 5, 1984 At! 0) . ( q::1 ( 3 rq

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