Base Offering Circular – Multifamily 19 Mortgage Loans.  In addition, effective with multifamily pools submitted for processing beginning March 1, 1997, Ginnie Mae adopted a program (the “Small Loan Program”) that permitted the issuance of Ginnie Mae Project Loan Certificates based on and backed by from one or more small, multifamily Mortgage Loans, each with a maximum original principal balance of $1,000,000 and a maximum original term to maturity of 35 years, and all with the same Mortgage Rate. Each Ginnie Mae Project Loan Certificate will provide for the payment to the registered holder of that Ginnie Mae Project Loan Certificate of monthly payments of principal and interest equal to the aggregate amount of the scheduled monthly principal and interest payments on the Mortgage Loans underlying that Ginnie Mae Project Loan Certificate, less applicable servicing and guaranty fees.  In addition, such payments will include any prepayments and other unscheduled recoveries of principal of, and any Prepayment Penalties on, an underlying Mortgage Loan to the extent received by the Ginnie Mae Issuer during the month preceding the month of the payment. The related Offering Circular Supplement will describe certain characteristics of the Ginnie Mae Project Loan Certificates and the underlying Mortgage Loans. FHA Insurance Programs The FHA is an organizational unit within the U.S. Department of Housing and Urban Development.  FHA was established to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insuring housing mortgages and credit and to exert a stabilizing influence on the mortgage market. FHA multifamily insurance programs generally are designed to assist private and public mortgagors in obtaining insured financing for the construction, purchase or rehabilitation of multifamily housing pursuant to the Housing Act or, with respect to a risk sharing pilot program, the Housing and Community Development Act of 1992, as amended.  Mortgage Loans are provided by FHA-approved institutions, which include mortgage banks, commercial banks, savings and loan associations, trust companies, insurance companies, pension funds, state and local housing finance agencies and certain other approved entities. Mortgage Loans insured under the programs described in the related Offering Circular Supplement have such maturities and amortization features as the FHA may approve.  Generally the minimum mortgage loan term is at least ten years, and the maximum mortgage loan term does not exceed the lesser of 40 years and 75% of the estimated remaining economic life of the improvements on the Mortgaged Property. Tenant eligibility for FHA-insured projects generally is not restricted by income, except for projects as to which rental subsidies are made available with respect to some of or all the units therein or to specified tenants. The principal characteristics of the Mortgage Loans underlying the Ginnie Mae Multifamily Certificates in a particular Trust, and the FHA Programs under which each Mortgage Loan is insured, will be described in the related Offering Circular Supplement.