Pursuant to a congressional request, GAO provided information on
the Rural Housing and Community Development Service's (RHCDS)
housing loan programs, focusing on opportunities for cost savings
and management improvements in the loan programs. GAO found that:
(1) RHCDS is improving its loan programs' operations, but improving
program delivery could save the federal government money and
benefit borrowers and tenants in the programs; (2) centralized
servicing of RHCDS loans could save over $100 million per year
through staff reductions and greater staff productivity; (3) the
number of direct loan program borrowers graduating to private
credit could be increased by allowing borrowers to refinance their
loans with commercial lenders and considering all loans for
graduation, but RHCDS has few mechanisms in place to force loan
graduation; (4) RHCDS could reduce multifamily housing program
costs by shortening the terms of loans, eliminating certain equity
loans made to owners, and funding more projects not requiring
rental assistance; and (5) the process used to fund individual
projects does not ensure that the neediest areas receive program
assistance.
General
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