United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2001-06-19 monographic deposited born digital 18 p. GA 1.13:GAO-01-871T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-871T P0b002ee18037e5ef f:d01871t DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-01-871T machine generated eng fdlp REPORT GAOREPORTS-GAO-01-871T GAO-01-871T Cost control Federal aid for housing Housing programs Low income housing Mortgage programs Rent subsidies Rental housing Rental rates HUD Multifamily Housing Loan Program HUD Section 8 Housing Assistance Program HUD Mark to Market Program Testimony A01211 This testimony discusses the Mark-to-Market Program, which provides for low-income rental housing while reducing the federal government's costs for rental subsidies. The program, which is administered by the Department of Housing and Urban Development's (HUD) Office of Multifamily Housing Restructuring (OMHAR), provides the framework to restructure insured Section 8 properties in HUD's multifamily housing portfolio by lowering their rents to market levels when their current Section 8 contracts expire and reducing their mortgage debt if such action is necessary for the properties to continue to have a positive cash flow. Without restructuring, rents for many of the approximately 8,500 properties in HUD's portfolio would substantially exceed market levels, resulting in higher federal subsidies under the Section 8 program. Legislative authorization for the Mark-to-Market program and OMHAR is scheduled to terminate on September 30, 2001. If authorization is not extended, after that date HUD will still be required to renew Section 8 contract rents at market levels, but the tools established by the Multifamily Assisted Housing Reform and Affordability Act for restructuring mortgages will no longer be available. This testimony focuses on (1) the status of the Mark-to-Market program, (2) factors that have affected the pace of program implementation and the actions HUD has taken to address these factors, and (3) the advantages and disadvantages of extending the program past its statutory termination date and of transferring program responsibilities to HUD or keeping them with OMHAR. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-871T/html/GAOREPORTS-GAO-01-871T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-871T/pdf/GAOREPORTS-GAO-01-871T.pdf GAO-01-871T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-871T Testimony GAO-01-871T; Multifamily Housing: Issues Related to Mark-to-Market Program Reauthorization; Cost control Federal aid for housing Housing programs Low income housing Mortgage programs Rent subsidies Rental housing Rental rates HUD Multifamily Housing Loan Program HUD Section 8 Housing Assistance Program HUD Mark to Market Program Public Law 105-65