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GAO Releases Report on HUD's Management of its Rental Housing Assistance Programs

Wednesday, January 26, 2005 - 7:15AM

Through its rental housing assistance programs, the U.S. Department of Housing and Urban Development (HUD) manages $56 billion in insured mortgages and provides about $19 billion in rental subsidies annually, according to the Government Accountability Office (GAO). To accomplish this, HUD relies on thousands of intermediaries, including lenders, appraisers, property management contractors, public housing agencies, and multifamily property owners. Historically, GAO has cited weaknesses in HUD's oversight of these entities as factors that have made the programs vulnerable to fraud, waste and abuse. In 2001, GAO designated HUD's single-family mortgage insurance and rental housing assistance programs as high risk and in a report released this week cites significant weaknesses that persist in these areas. Click here for more information.

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