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Facts: An owner of a 52-unit site obtained a mortgage from an FHA-approved lender. The mortgage was secured as part of HUD’s Section 236 program. The Section 236 program insures loans to private developers in exchange for their commitment to provide low-income housing. As part of the Section 236 program, HUD also provides interest-reduction payments to FHA-approved mortgagees on behalf of the mortgagors.
