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US Wastes Millions in Housing Program

Service : Economy
TEHRAN, May 17 (ICANA) – The United States federal government has squandered hundreds of millions of dollars in projects to provide affordable housing for US residents, a new investigation has revealed.
Tuesday, May 17, 2011 9:06:24 PM
US Wastes Millions in Housing Program

A Washington Post investigation found that the federal government's largest housing construction program for the working poor has dissipated $400 million on about 700 stalled or abandoned projects, which have been idling for years, a Press TV correspondent in Washington reported on Monday.

The report names the US Department of Housing and Urban Development — which is supposed to oversee the nation's housing fund — as the source of million-dollar waste, since it has not tracked the pace of construction and failed to spot non-operational deals, some of which have languished for a decade or longer.

The year-long investigation uncovered the dysfunctional system that delivers billions of dollars to local housing agencies with few rules, safeguards, or even a reliable way to track projects.

The president of the Citizens Against Government Waste, Tom Schatz, told Press TV that the US government is responsible for billions of dollars in waste.

Tim Johnson and Richard Shelby, two US lawmakers of the Senate Banking Committee also issued a joint statement on Monday, saying that they were “deeply concerned by these reports, particularly at a time when so many Americans are in need of affordable housing.”

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