Law360, New York (February 4, 2013, 7:13 PM EST) -- The Federal Housing Administration on Monday issued a final rule expanding its ability to refinance existing hospital loans, removing a restriction on refinancing loans for facilities not covered by its hospital mortgage insurance program.
According to the FHA, the rule codifies into the National Housing Act a previously unofficial extension to its mortgage refinancing program, allowing certain hospitals vital to their communities to get loan refinancing from the agency even without participating in its mortgage insurance program. The rule was set to be published Tuesday in the Federal Register and goes into effect 30 days after publication.
“The goal of the...
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