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HUD recently announced plans to expand both the geographic scope and the lending industry’s participation in the Federal Housing Administration (FHA) to test an accelerated FHA insurance approval process for Housing Credit development loans under the FHA’s Section 223(f) program. HUD launched the pilot in response to a provision in the Housing and Economic Recovery Act of 2008 (HERA) requiring FHA to streamline mortgage insurance applications for developments financed with Housing Credit equity.
