FHA Tax Credit Downpayment Rules Tighter Than Draft; HFA's/ Public Agencies Get More Flex.

WS J news story HERE.
State Housing Financing Agency Association reps says in story:

"The FHA's new policy could spur more states to action, said Garth Rieman, director of housing advocacy and strategic initiatives for the National Council of State Housing Agencies. We think the FHA has gone forward with an approach that will allow low-down-payment lending by responsible state and local governmental entities, but will avoid the risks of opening up no-down-payment lending too widely," he said."

HUD News Release HERE.

Look for Mortgagee Letter 09-15 with attachments HERE, on this HUD web page.