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Pension Plans: Investments in Affordable Housing Possible With Government Assistance

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Report Type Reports and Testimonies
Report Date June 12, 1992
Report No. HRD-92-55
Subject
Summary:

While pension fund financing of affordable housing for low- and moderate-income families has varied widely among the investments GAO has reviewed, three main characteristics are common. First, when investing in affordable housing, pension funds tend to funnel their assets into fixed-rate securities that can be easily sold to other investors in a national market. Second, each investment receives some kind of government assistance. Third, pension fund investments are set up by intermediaries, such as banks, state housing authorities, and nonprofit developers, that have identified affordable housing opportunities and arranged financing. These intermediaries have provided the staff and the expertise that the pension funds lack. Information on rates of return has been limited, but for the investments on which GAO has information, the pension funds have generally received rates of return similar to other investments of comparable risk.

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