Housing Finance: Expanding Capital for Affordable Multifamily Housing
(Chapter Report, 10/27/93, GAO/RCED-94-3).
One of the nation's most critical housing problems today is the shortage
of decent and affordable multifamily rental housing. Congress has been
trying to expand the availability of capital to finance such housing
through credit enhancements--mechanisms for transferring credit risk
from one party to another--such as mortgage insurance. Congress has
authorized the Federal Housing Administration to undertake risk-sharing
demonstration projects to test the effectiveness of new forms of federal
credit enhancements for multifamily housing. This report examines (1)
the problems that have led to the shortage of mortgage financing for
affordable multifamily housing, (2) the factors limiting the expansion
of a secondary market for such housing, (3) alternative forms of federal
credit enhancements, and (4) ways to estimate and limit the federal
government's exposure to risks in adopting specific credit enhancements.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: RCED-94-3
TITLE: Housing Finance: Expanding Capital for Affordable
Multifamily Housing
DATE: 10/27/93
SUBJECT: Mortgage loans
Low income housing
Community development
Federal aid for housing
Mortgage programs
Financial institutions
Investment planning
Government guaranteed loans
Data bases
Capital
IDENTIFIER: RTC Affordable Housing Program
HUD Delegated Processing Program
RTC Community Investment Program
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