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Tax-Exempt Bonds: Retirement Center Bonds Were Risky and Benefited Moderate-Income Elderly

GGD-91-50 Published: Mar 29, 1991. Publicly Released: Mar 29, 1991.
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Highlights

Pursuant to a congressional request, GAO reviewed the: (1) extent to which charitable organizations used tax-exempt bonds to finance elderly housing; (2) characteristics of the housing facilities and the residents; and (3) extent to which and reasons why housing facilities defaulted on their tax-exempt bonds.

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Topics

Retirement Security
Aid for the elderlyBonds (securities)Charitable organizationsCost sharing (finance)RetirementElderly personsExtended care facilitiesHousing for the elderlyLoan defaultsSubsidiesTax exempt status