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B-170971 1 (1976-07-09)

handle is hein.gao/gaobadday0001 and id is 1 raw text is: THE CONAIPTROLLER GENERAL DD KOF THE UNITED STATE S VWASHINGTON, D. C. 20548 FILE: DATE: JUL 9 1976 B-170971 MATTER OF: New Community Development Program DIGEST: In view of broad authority given to Secretary of Housing and Urban Development (HUD) in section 726(3) of Urban Growth and New Commuunity Development Act of 1970, Secretary has discretion in selecting course of action to pursue where developer, whose debentures have been guaranteed by HUD, is in serious financial difficulty and HUD has acquired the property. Statute does not restrict Secretary to alternative which would minimize loss to Covernmerit. ExT)enditures authorized under section 726(3) could thus appear to be program= expenditure for which revolving funld is available. This decision to the Secretary of Housincg and Urban Devclopment is in response to a requcst dated June 283, 1976, concerning the Secretary's authority to use funds from the revolving fund established by the Urban Grouth and New Conmuity Development Act of 1970. The specific question is whether the revolving fund is availale-- to acquire, handle and dispose of all or a portion of the real property coprising a new comunity project as to which this Department has guaranteed debentures under Title VII of the Housing and Urban Developmient Act of 1970, 42 U.S.C. 4501, et seq., in cases where the Department anticipates that as a result of expenditures for acquisition, handling and disposition of such property, the Department will incur losses over and above the loss of payment in full on the guaranteed debentures. The Urban Growth and New Cozunity Development Act of 1970 was enacted as title VII of the Housing and Urban Development Act of 1970, Pub. L. ho. 91-609 (December 31, 1970), 34 Stat. 1770. Designed to establish a new and expanded program of Federal assistance for new comraunity development, the Act authorizes several types of financial assistance. Section 713 of the Act, 42 U.S.C. 9 4514, authorizes the

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