MINUTES OF A REGULAR MEETING

Mr. Vaughn said that the biggest problem with the FHA or HUD financings either the 221(d)(4) or the 223(f), especially on the 4% program, is the time that it takes to process through HUD or FHA; it is just a very lengthy and time consuming process. We would never make the November goal that we have in place; those were ruled out. ................
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