Were the boards FY 1993 expenditures appropriate in comparison to the number of loans made?
Because MHC acted in accordance with enabling legislation for establishing a wide range of housing initiatives rather than concentrating solely on loan programs, MHC’s expenditures will not directly relate to numbers of loans generated. Only six of fifteen MHC employees engage in servicing, production, and monitoring of loan and financing incentive programs. MHC’s remaining nine employees are involved in management, accounting, or capacity building. Capacity building consists of technical assistance and training of nonprofit housing organizations, research and development of new programs, grant writing, promotion of MHC programs, and staffing a hotline for individuals with housing problems. Did MHC management utilize objective criteria in selecting an investment banker for the corporation? MHC used objective criteria in August 1993 to select an investment banker for a proposed original mortgage bond issue. However, the board’s lack of procedures for the request for proposal process con
