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Rural Rental Housing: Excessive Profits and Program Abuses in Multifamily Housing

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Report Type Reports and Testimonies
Report Date May 13, 1992
Report No. T-RCED-92-63
Subject
Summary:

Private developers who combine low income housing tax credits with Farmers Home Administration (FmHA) loans to build multifamily housing for low-income renters in rural areas are reaping returns of up to 970 percent on their initial cash investment. Overall, GAO testified that FmHA's multifamily housing program is at high risk for fraud and abuse. Overstatement of construction costs, overcharging for project management and construction fees, and misuse and diversion of project funds have been a problem for years. During the past five years, 35 indictments and 26 convictions have been handed down against FmHA multifamily developers and project managers. FmHA officials recognize that many of these fraudulent and abusive activities have arisen because of a lack of internal controls and trained staff. FmHA is attempting to strengthen its internal controls, which should help minimize such problems in the future.

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