Law360, New York (August 24, 2015, 12:11 PM EDT) -- On Aug. 10, 2015, the U.S. Department of Housing and Urban Development issued a long anticipated proposed rule significantly revising 24 CFR Part 200.210 et seq., commonly known as the Previous Participation Clearance or "2530" process. The proposed 2530 rule significantly reduces and simplifies the disclosure requirements for HUD participants and addresses the industry concern that the 2530 regulations currently focus on form over substance. The proposed rule crafts more general dictates that are intended to give the program offices more discretion on what to review and how to review it. Comments are due on Oct. 9, 2015. HUD has confirmed that it continues to review its previous participation review practices for potential improvements and the proposed revised regulations are just one piece of those continuing efforts. The 2530 paper form will remain in use as will the APPS system although once the proposed rule is final, conforming changes will be made to both application vehicles....