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Public Housing
The Department of Housing and Urban Development (HUD) provided over $6.7 billion in fiscal year 2008 to housing agencies to operate, modernize, and develop about 1.2 million public housing units. It is important that HUD exercise sufficient oversight of housing agencies to help ensure that public housing funds are being used as intended and properly managed. This report examines HUD's oversight processes for detecting housing agencies at risk of inappropriate use and mismanagement of public housing funds. The auditor analyzed HUD financial data on about 3,300 housing agencies, compared HUD's oversight policies with program and agency objectives, and interviewed agency officials. Includes recommendations. Charts and tables.
Troubled Asset Relief Program
Congress created the Troubled Asset Relief Program (TARP) to, among other things, preserve homeownership and protect home values. In March 2009, the U.S. Department of the Treasury (Treasury) announced the Home Affordable Modification Program (HAMP) as its cornerstone effort to achieve these goals. This report examines: (1) the extent to which HAMP servicers have treated borrowers consistently; and (2) the actions that Treasury has taken to address the challenges of trial modification conversions, negative equity, redefaults, and program stability. The report obtained information from 10 servicers that account for 71 percent of HAMP funds and spoke with Treasury, Fannie Mae, and Freddie Mac officials. Includes recommendations. Illus.
Veterans Affairs
Adaptive housing assistance grants help eligible service members or veterans adapt or modify a residence to accommodate disabilities sustained through military service. The Veterans' Housing Opportunity and Benefits Improvement Act of 2006 authorized the VA to expand its existing adaptive housing assistance grants to include eligible individuals temporarily living in a home owned by a family member, known as Temporary Residence Adaptation (TRA) grants. This report examines: (1) the characteristics of TRA grants and grantees; and (2) what accounts for low utilization of the program and how to ensure that the program serves its intended recipients. Includes recommendations. Charts and tables.
Disaster Housing
Concerns over FEMA¿s provision of temporary housing assistance, including travel trailers at group sites, after the 2005 hurricanes led to the development of the National Disaster Housing Strategy. This report assesses: (1) the challenges households faced in transitioning to permanent housing; (2) the extent to which FEMA measured its performance in closing and transitioning households in group sites; (3) the strategy's effectiveness in defining FEMA's roles and responsibilities for closing and transitioning households in group sites; and (4) the alternatives to travel trailers in group sites and how well the strategy assessed them. Includes recommendations. Charts and tables.
Influenza Pandemic
Concerns exist that a more severe pandemic outbreak than 2009¿s could cause large numbers of people staying home to increase their Internet use and overwhelm Internet providers¿ network capacities. Such network congestion could prevent staff from broker-dealers and other securities market participants from teleworking during a pandemic. The Dept. of Homeland Security is responsible for ensuring that critical telecommunications infrastructure is protected. This report examined a pandemic¿s impact on Internet congestion and what actions can be and are being taken to address it, the adequacy of securities market organizations¿ pandemic plans, and the SEC oversight of these efforts. Includes recommendations. Charts and tables.
Disaster Assistance
In response to the 2005 Gulf Coast hurricanes, Congress provided about $130 billion in disaster recovery assistance, including assistance for permanent housing. The objectives of this report were to review: (1) how federal disaster-related assistance for permanent housing has been provided to homeowners and rental property owners; (2) the extent to which federally funded programs have responded to the needs of homeowners and rental property owners; and (3) the challenges that homeowners and rental property owners have faced in applying for and using fed. assistance, and potential options for addressing these challenges. Includes recommendations. Charts and tables.
