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Multifamily Housing: Information on Selected Properties Owned by HUD

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Report Type Reports and Testimonies
Report Date April 11, 1994
Report No. RCED-94-163FS
Subject
Summary:

The Department of Housing and Urban Development's (HUD) inventory of foreclosed multifamily properties has swollen in the past four years. HUD acquired this inventory mostly through foreclosures on properties that had loans insured by its Federal Housing Administration. To help Congress evaluate the impact of new legislation intended to improve HUD's ability to dispose of this inventory, GAO collected information on HUD-owned multifamily properties in Dallas, Texas, and Kansas City, Missouri. A total of 19 properties were included in GAO's analysis. This fact sheet discusses (1) the size and vacancy rates of the properties, the number of units receiving project-based Section 8 assistance, and the distribution of the units by the number of bedrooms; (2) HUD's estimates of the money needed to rehabilitate the properties; and (3) the current tenants' income levels and percentage of income spent on rent.

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