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ADMINISTRATION COMPLETES TRANSACTIONS UNDER HFA INITIATIVE

Wednesday, January 13, 2010 - 8:00AM

The U.S. Department of the Treasury, together with the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) today announced the completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative, a key element of the Obama Administration's Homeowner Affordability and Stability Plan. As part of the initiative, the New Issue Bond Program (NIBP) provided temporary financing for HFAs to issue new housing bonds. Treasury reports that more than 90 state and local HFAs representing 49 states participated in the NIBP for an aggregate total new issuance of $15.3 billion. Participating HFAs are expected to provide affordable multifamily loans that will help keep rents affordable for tens of thousands of renters. The Treasury Department says that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac played a central role in both the program’s design and transaction execution.

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