Division of Housing and Community Renewal

Housing Development Fund (Follow-Up Review)

The Housing Development Fund was created to facilitate the development of low and moderate-income housing. In our prior audit report 94-S-55, we found that opportunities to aid housing development may have been lost, because only a small percentage of the funds authorized for loans had been loaned by the Division. We also noted that several loans were either uncollectible or in danger of becoming uncollectible. We recommended actions that could lead to greater use of the Fund and better collection of outstanding loans. In our follow-up review, we found that a number of our prior recommendations have not been implemented, in part because the Division's authorization to make loans from the Fund was temporarily suspended.

For a complete copy of Report 96-F-28 click here.