Commonwealth of Pennsylvania v. James T. Lynn, Secretary of Housing and Urban Development, 501 F.2d 848 (1974)

Citation: Commonwealth of Pennsylvania v. James T. Lynn, Secretary of Housing and Urban Development, 501 F.2d 848 (1974)
Parent Document: Commonwealth of Pennsylvania v. James T. Lynn, Secretary of Housing and Urban Development, 501 F.2d 848 (1974)
Jurisdiction: United States (federal)
Effective Date: 1974-09-25
Original Source: https://www.courtlistener.com/opinion/321083/commonwealth-of-pennsylvania-v-j... ↗

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As of the end of 1972, just before the program was suspended, 398,000 home mortgages had been insured under Section 235, in the amount of $7.0 billion. The actual net addition to the housing stock is estimated at 14,000 for every 100,000 subsidized units, primarily because of the finite amount of mortgage money available. The median mortgage amount per unit was $18,500, and the mean only slightly lower, but an inordinate number of units have been poorly built and deteriorate rapidly. The rate of default and abandonment in some neighborhoods has been extremely high, and the rate of failure within ten years for the entire program is projected at 16%.

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