Multifamily Housing

HUD's Proposals for Reengineering Its Insured Section 8 Portfolio Gao ID: T-RCED-96-210 June 27, 1996

Proposals before Congress would reengineer about 8,600 properties from the Department of Housing and Urban Development's (HUD) multifamily rental housing portfolio. These 8,600 properties, known as the insured Section 8 portfolio, receive mortgage insurance from HUD and Section 8 rental subsidies tied directly to the properties. This testimony discusses HUD's proposed resolution process. In addition to providing background information on the insured Section 8 portfolio, GAO discusses (1) problems currently affecting the portfolio, (2) HUD's plans for addressing these problems, (3) a HUD-contracted study by Ernst & Young LLP that estimates how the properties are likely to be affected by HUD's reengineering proposal, and (4) its preliminary assessment of the Ernst & Young study. GAO also comments on HUD's portfolio reengineering initiative.



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