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HUD/OH RIN: 2502-AH71 Publication ID: Fall 2004 
Title: Nonprofit Organization Participation in FHA Single Family Mortgage Insurance Programs (FR-4702) 
Abstract: This final rule establishes conditions and procedures for the successful participation by nonprofit organizations in Federal Housing Administration (FHA) single family mortgage insurance programs. The final rule requires nonprofit organizations that obtain insured financing from the FHA for 10 or more properties in a Federal fiscal year to prepay at least 80 percent of that total number of FHA-insured mortgages by the end of the second fiscal year following the fiscal year in which the FHA-insured financing was acquired. Furthermore, the final rule will not permit nonprofit organizations to obtain FHA insurance for mortgages secured by single family properties with more than a specified number of living units, and establish additional underwriting guidelines on such properties. The rule also codifies the existing practice to approve as participating nonprofit organizations those organizations that provide evidence of two years to tax-exempt status under the Internal Revenue Code of 1986, and two consecutive years of housing development experience within the previous five years. The final rule follows publication of a February 13, 2004, proposed rule and takes into consideration the public comments received on the proposed rule. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 200    24 CFR 203    24 CFR 291   
Legal Authority: 12 USC 1701 et. seq.    42 USC 1441    42 USC 1441a    42 USC 1551a    42 USC 3535(d)    ...   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  02/13/2004  69 FR 7324   
NPRM Comment Period End  04/13/2004    
Final Action  04/00/2005    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Organizations  Federalism: No 
Included in the Regulatory Plan: No 
Agency Contact:
Donna Tomposki
Housing Program Policy Specialist Coordinator
Department of Housing and Urban Development
Office of Housing
Department of Housing and Urban Development, Office of Housing, 451 7th Street, SW,
Washington, DC 20410
Phone:202 708-0317