Recycling of Existing Assets for Cost-Effective Housing Act of 1989

[AI summary unavailable — showing source text] Recycling of Existing Assets for Cost-Effective Housing Act of 1989 - Authorizes the Secretary of Housing and Urban Development to make grants to establish State revolving funds for: (1) homebuyer loans (priority for first-time or lower-income homebuyers); and (2) multifamily dwelling grants and loans. Requires State matching funds. Prohibits property conveyance for five years. Sets forth property eligibility requirements. Directs the Secretary to make a State listing of such properties available upon request. Requires at least annual program reports by: (1) State housing finance agencies to the Secretary; and (2) the Secretary to the Congress. Requires the General Accounting Office to audit the program at least annually. Authorizes FY 1990 and 1991 appropriations.…