United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Resources, Community, and Economic Development Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1997-07-18 monographic deposited born digital 71 p. GA 1.13:RCED-97-169 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-97-169 P0b002ee18038a1ae f:rc97169 DGPO 2010-08-12 2011-03-24 GAOREPORTS-RCED-97-169 machine generated eng fdlp REPORT GAOREPORTS-RCED-97-169 RCED-97-169 Low income housing Federal aid for housing Housing programs Housing repairs Rental housing Internal controls Program abuses Comparative analysis Formula grants Fair market value HUD Low Income Housing Preservation Program Letter Report RCED Congress created the preservation program 10 years ago to keep multifamily housing affordable for low-income households because the owners of several thousand federally insured multifamily properties were reaching a point at which they were eligible to pay off their mortgages. Prepayment would enable these owners to terminate the existing affordability restrictions, such as limits on the income levels of residents and the rents that can be charged. The program offers incentives to owners and purchasers of federally insured multifamily properties who agree to maintain their properties for low-income occupancy. This report reviews the (1) funding provided for preservation properties as compared with the properties' values, (2) levels of rehabilitation grants provided to properties compared with their physical needs, and (3) administrative and other problems that have arisen under the program. GAO also identifies lessons from the preservation program that can be applied to portfolio reengineering, a program designed to address long-standing problems plaguing the Federal Housing Administration's insured portfolio of multifamily properties. https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-97-169/html/GAOREPORTS-RCED-97-169.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-97-169/pdf/GAOREPORTS-RCED-97-169.pdf GAO/RCED-97-169 https://www.govinfo.gov/app/details/GAOREPORTS-RCED-97-169 Letter Report GAO/RCED-97-169; Housing Preservation: Policies and Administrative Problems Increase Costs and Hinder Program Operations; Low income housing Federal aid for housing Housing programs Housing repairs Rental housing Internal controls Program abuses Comparative analysis Formula grants Fair market value HUD Low Income Housing Preservation Program Public Law 101-625 Public Law 104-134 Public Law 104-204 Conf. Rept. 104-812