GAO REMOVES HUD RENTAL HOUSING PROGRAMS FROM HIGH-RISK WATCH LIST

Wednesday, January 31, 2007 - 7:15AM

The Government Accountability Office (GAO) today removed the U.S. Department of Housing and Urban Development (HUD) single-family mortgage insurance and rental housing assistance programs from the list of areas identified as “high-risk.” In 1994, GAO identified all HUD programs as high risk because of “fundamental management and organizational problems that put billions of dollars in insured mortgages and housing and community development assistance at risk.” In 2001, GAO narrowed the high risk designation to HUD’s single-family mortgage insurance and rental housing assistance programs. In its report today, GAO says sufficient progress has been made to remove the high-risk designation from these as well.

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