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The Federal Housing Administration (FHA) is a noncorporate, business-type agency which was made subject to the Government Corporation Control Act by the Housing Act of 1948. From its inception to September 30, 1976, FHA has acquired about 3,800 multifamily properties and mortgage notes representing about 407,000 housing units at a cost of about $4.4 billion and about 675,000 small homes and notes at a cost of about $11 billion. The four FHA insurance funds are intended to function as revolving funds that carry out the insurance operations provided for in the National Housing Act.

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