Costs and Benefits of Single-Family Mortgage Revenue Bonds: Preliminary Report

摘要

GAO is in the final stages of completing a comprehensive study on the costs and benefits of mortgage revenue bonds. These taxexempt bonds which are issued by State and local agencies provide subsidized loans to first-time homebuyers. The authority to issue mortgage revenue bonds to finance the purchase of single-family homes will expire on December 31, 1983, unless the Congress extends that authority. This preliminary report, requested by the Chairman of the Senate Committee on Finance, provides early information on GAO's findings. The Chairman asked GAO to answer questions regarding: the extent to which low-and moderate-income homebuyers are assisted, the effectiveness of Federal purchase price ceilings and State and locally imposed income limits in targeting program benefits, and the efficiency of mortgage revenue bonds in general.