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Office of Housing, Department of Housing and Urban Development, Executive (1 - 10 of 139 items)
Information Technology: HUD Needs to Address Significant Weaknesses in Its Cost Estimating Practices
GAO-17-281: Published: Feb 7, 2017. Publicly Released: Feb 7, 2017.
The cost estimates that the Department of Housing and Urban Development (HUD) developed for the four selected information technology (IT) investments were unreliable and, thus, lacked a sound basis for informing the department's investment and budgetary decisions. GAO's Cost Estimating and Assessment Guide (Cost Guide) defines best practices that are associated with four characteristics of a rel...
Credit Programs: Key Agencies Should Better Document Procedures for Estimating Subsidy Costs
GAO-16-269: Published: Jul 13, 2016. Publicly Released: Jul 13, 2016.
The Federal Credit Reform Act of 1990 requires agencies to estimate the cost to the government of extending or guaranteeing credit. This cost, referred to as subsidy cost, equals the net present value of estimated cash flows from the government (e.g., loan disbursements and claim payments to lenders) minus estimated cash flows to the government (e.g., loan repayments, interest payments, fees, and...
Manufactured Housing: Efforts Needed to Enhance Program Effectiveness and Ensure Funding Stability
GAO-14-410: Published: Jul 2, 2014. Publicly Released: Aug 1, 2014.
HUD has established a process for updating the preemptive building standardsfor manufactured homes known as the HUD Code but has not fully met key purposes of the 2000 Manufactured Housing Improvement Act (2000 Act). Key purposes of the Act include:Establish a balanced, consensus-based process to update manufactured housing construction and safety standards. HUD has not accepted, rejected, or modi...
Information Technology: HUD's Expenditure Plan Satisfied Statutory Conditions; Sustained Controls and Modernization Approach Needed
GAO-14-283: Published: Feb 12, 2014. Publicly Released: Feb 12, 2014.
The Department of Housing and Urban Development's (HUD) fiscal year 2013 information technology (IT) expenditure plan satisfied the two sets of statutory conditions contained in the appropriations act. Regarding the first set of conditions, the plan identified for each project the functional and performance capabilities to be delivered, mission benefits, life-cycle costs, and key milestones. For e...
Federal Housing Administration: Analysis of Options for Modifying Its Products, Market Presence, and Powers
GAO-13-682: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
GAO identified a number of proposed options for adjusting product terms and conditions to help improve the Federal Housing Administration's (FHA) long-term viability. FHA has raised the premiums that it charges borrowers several times in recent years and has taken steps to tighten its underwriting standards--for example, by setting a minimum required credit score. Some mortgage market observers ha...
FHA Mortgage Insurance: Applicability of Industry Requirements Is Limited, but Certain Features Could Enhance Oversight
GAO-13-722: Published: Sep 9, 2013. Publicly Released: Oct 22, 2013.
Reserving practices and capital requirements for the Mutual Mortgage Insurance Fund (Fund) of the Federal Housing Administration (FHA) differ in key respects from those for private mortgage insurers (PMI). These differences stem from the distinct environments in which FHA and PMIs operate, including the particular accounting principles and statutory provisions that they must follow. For example, s...
Budget Issues: Key Questions to Consider When Evaluating Balances in Federal Accounts
GAO-13-798: Published: Sep 30, 2013. Publicly Released: Sep 30, 2013.
Carryover balances in fiscal year 2012 were $2.2 trillion, of which about $800 billion had not yet been obligated. Answering key questions during review of carryover balances provides insights into why a balance exists, what size balance is appropriate, and what opportunities (if any) for savings exist. Given that a single account may support a single program or multiple programs--or that multiple...
Information Technology: HUD Needs to Improve Key Project Management Practices for Its Modernization Efforts
GAO-13-455: Published: Jun 12, 2013. Publicly Released: Jun 12, 2013.
The Department of Housing and Urban Development (HUD) has taken initial steps toward applying key project management practices in the areas of project planning, requirements management, and acquisition planning for its Federal Housing Administration Transformation (FHA Transformation) Initiative to address performance gaps in housing insurance programs and its Next Generation Management System (NG...
Department of Housing and Urban Development: Opportunities to Improve Management of Mortgage Insurance and Rental Assistance Programs
GAO-13-439T: Published: Mar 14, 2013. Publicly Released: Mar 14, 2013.
The Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) faces financial and risk-management challenges. For the fourth straight year, capital reserves for FHA's Mutual Mortgage Insurance Fund are below the statutory minimum. Also, declining balances in the fund's capital reserve account have heightened the possibility that FHA will require additional funds to h...
Overview of GAO's Past Work on FHA's Single-Family Mortgage Insurance Programs
GAO-13-400R: Published: Mar 7, 2013. Publicly Released: Mar 7, 2013.
Among other things, GAO's past work discusses FHA's financial condition and steps the agency has taken to improve its financial condition. As housing prices began to decline at the end of 2006 and conventional mortgage lenders tightened their underwriting standards, more homebuyers began taking advantage of FHA-insured loans, which tend to have less strict underwriting standards and require lower...