Multifamily Housing: HUD's Mark-to-Market Proposal (Testimony, 06/15/95,
GAO/T-RCED-95-230).

The Department of Housing and Urban Development (HUD) is proposing to
restructure its multifamily housing portfolio via an approach known as
"mark to market." About two million privately owned and managed rental
units benefit from mortgage insurance or rental subsidies provided by
HUD.  The proposal seeks to overcome problems plaguing projects in HUD's
multifamily portfolio that both have HUD-insured mortgages and receive
rental subsidies tied to units in the projects under HUD's Section 8
rental assistance program.  The proposal calls for decoupling rental
subsidies and mortgage insurance at individual projects and adjusting
mortgage debt to help projects compete effectively in the commercial
rental market.  This testimony focuses on the following questions: (1)
What problems affect the condition of HUD's multifamily housing
portfolio? (2) How does HUD believe that its mark-to-market proposal
would solve these problems? (3) Which properties will be affected by
HUD's proposal? (4) What costs and savings may result from the
mark-to-market approach? (5) What key issues does Congress face in
considering the proposal?

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-RCED-95-230
     TITLE:  Multifamily Housing: HUD's Mark-to-Market Proposal
      DATE:  06/15/95
   SUBJECT:  Housing programs
             Low income housing
             Federal aid for housing
             Rental housing
             Disadvantaged persons
             Fair market value
             Public assistance programs
             Mortgage loans
             Mortgage protection insurance
             Rent subsidies
IDENTIFIER:  HUD Section 8 New Housing Construction Program
             HUD Section 8 Rental Assistance Program
             HUD Reinvention Blueprint
             HUD Section 8 Substantial Rehabilitation Program
             FHA Multifamily Loan Insurance Program
             
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