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RCED-95-48R 1 (1994-11-17)

handle is hein.gao/gaobackrx0001 and id is 1 raw text is: unted states General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-259047 November 17, 1994 The Honorable Barbara Mikulski Chair, Subcommittee on VA, HUD and Independent Agencies Committee on Appropriations United States Senate Dear Madam Chair: The owners of about 3,600 multifamily housing projects containing approximately 385,000 housing units are, or over the next few years will be, eligible to prepay their mortgages. Prepayment of these mortgages could result in the termination of federal use restrictions that set aside a number of units in each project for lower-income households.' Concerned that prepayment could result in the loss of these units for lower-income households, the Congress established a preservation program that authorizes financial incentives to those owners who agree to extend the use restrictions or transfer the property to a qualified purchaser who will, in turn, maintain the project's use restrictions.' 'Most eligible projects were developed during the 1960s and 1970s with mortgages subsidized by the federal government under section 221(d)(3) of the National Housing Act or section 236 of the Housing and Community Development Act of 1968. 2The type and amount of incentives available to a particular project depend on whether an owner elects to extend or transfer a project's use restrictions. Incentives can include a number of financial arrangements, such as funding capital improvements (repairs), increasing federal rental assistance, and providing the owner with access to a portion of the project's equity though the issuance of a second mortgage. GAO/RCED-95-48R, Estimating Preservation Program's Cost

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