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RED-76-115 1 (1976-05-25)

handle is hein.gao/gaobabkzj0001 and id is 1 raw text is: COMPTROI I ER GZNERAL OF THE UNITED STATES WAHINOQON, D.C. t054 RELEASED B-171630 5t t e , IS7 RESTRICTED - Not t a be Q1heaS+d s.ut 1d otO a 0 except on the u'e p~@aL Account~ng Office erp LM090533 The Honorable John J. Sparlman, Chairman Subcommittee on Housing and Urban Affairs Committee on Banking, Housing, and K Urban Affairs United States Senate Dear Mr. Chairman: In your October 20, 1975, letter, you asked us to analyze a report by the DepartmeT..s of Housing and Urban Development and the Treasury on 2 Z the Lfeasibility of financing certain housing programs through various methodsj As agreed with your office, we confined our inquiry to obtaining the views of financial experts on the main theme presented in th report by the two Departments--d~rect borrowing by the Federal Government may have the effect of increasing the interest cost on the entire public debt. We discussed this matter with financial experts at the two Departments, the Federal Reserve System, and the Congressional Research Service, in Washington, D.C. On April 15, 1976, we informally advised your office of the'results of our inquiry into this matter. This letter confirms that information. BACKGROUND In a January 1973 report to the Congress entitled Opportunities to Improve Effectiveness and Peduce Costs of Rental Assistance Housing Program (B-171630, Jan. i0, 1973), we concluded that the Department of Housing and Urban Development could achieve considerable savings in section 236 program costs if mortgage loans were financed through direct Government borrowings rather than through private lenderb. We reported that these savings were possible because of the lower annual- interest rate at which the Government could borrow compared with the interest rates available in the private mortgage money market. We said that the Congress should consider legislation which would permit the Government, rather than private lenders, to finance the rental assistance housing p.ogram. BEST DOCUMEUI-T ANVALABLE RED-76-115 Id'

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