What is the Federal Housing Administration (FHA)?
The Federal Housing Administration (FHA) and the HUD 223(f) Loan Program
The Federal Housing Administration was created in 1934 by the National Housing Act, in order to promote home construction and reduce unemployment. The FHA operates a range of loan insurance programs, but builds no properties and makes no loans. Today, the FHA is part of the Department of Housing and Urban Development (HUD), and insures both single-family mortgages, and multifamily mortgages under the HUD 221(d)(4), HUD 223(f), HUD 232, and HUD 232/223(f) programs, among others.