Deletion of the 90 Percent-of-Value Criterion in Section 223(a)(7) Refinancing; Extension of Effectiveness

Summary

The U.S. Department of Housing and Urban Development (HUD) has extended the effectiveness of an interim rule published in 1993, which removed a 90% value criterion for refinancing under Section 223(a)(7) of the National Housing Act. The rule will remain in effect until April 26, 1995, pending final approval by HUD and the Office of Management and Budget (OMB).