June 9, 1985
Nearly 3,000 housing vouchers have been awarded by the Department of Housing and Urban Development to 41 public housing agencies selected to participate in a housing voucher demonstration. The budget authorized for the program is $52,850,000 over five years, and is an approach to housing assistance that offers quality housing at about half the cost of new construction, according to the department.
June 27, 1989
HUD Facing Large Loan Defaults: The Department of Housing and Urban Development faces some $650 million in loan defaults from nine mortgage companies whose practices now are under review, a spokesman said. Three of the nine companies have been suspended indefinitely from doing business with the department, three others have been placed on probation for six months and three more face examination of their projects, HUD documents show. TRI Capital Corp. of San Francisco was one of the three lenders under review.
April 27, 1989
An inspector general's report said a major rehabilitation program of the Department of Housing and Urban Development was plagued by poor management and had awarded contracts worth millions of dollars without following rules for competitive selection. HUD Secretary Jack Kemp said the report revealed "some fundamental flaws" in the moderate rehabilitation subsidy program, a $225-million-a-year program in which developers acquire and renovate subsidized housing projects. The report said that because of poor management HUD had agreed to pay $59 million in excess housing assistance over the life of 15-year contracts it audited.
November 28, 1985
A nonprofit agency that promotes fairness in the sale and rental of housing in the Long Beach area has been awarded a $25,000 grant by the U.S. Department of Housing and Urban Development. The $25,000 is the entire annual budget of the Long Beach Area Community Housing Resource Board, which provides educational materials and conferences for realtors in Long Beach and southeastern Los Angeles County.
March 5, 1985
It was the second consecutive monthly increase, the government said, following a 1.3% sales gain last December. New single-family homes were sold at a seasonally adjusted annual rate of 620,000 units in January. In addition, the median price of a new home soared 7.9% in January to $84,500, the highest percentage increase in almost 20 years, according to the Commerce and Housing and Urban Development departments.
October 1, 2000
"High Default Rates Prompt HUD Inquiry" [Sept. 25] serves to highlight the incompetence of management at the Department of Housing and Urban Development. There is no mystery about the reason for the high default rates of HUD loans. It is simply the fact that so many HUD homeowners have so very little invested in their properties, having moved in with insignificant, often zero, down payments. Simply requiring a minimum down payment of 10% would greatly reduce the HUD housing mortgage default rate.