A growing number of real estate developers are choosing U.S. Department of Housing and Urban Development (HUD)-insured loans: Section 221(d)(4) and Section 223(f). Both programs allow real estate developers to borrow more money at lower interest rates and longer amortization terms, compared to most conventional loans. Michael Novogradac, CPA, and Novogradac partner Tiffany French, CPA, compare and contrast the benefits and requirements of Section 221(d)(4) and Section 223(f) loans with conventional loans.