THE OBAMA ADMINISTRATION ANNOUNCES NEW HOUSING INITIATIVE

Monday, October 19, 2009 - 8:00AM

The Obama administration today announced the Homeowner Affordability and Stability Plan, an initiative for state and local housing finance agencies (HFAs) that will support low mortgage rates and expand resources for low- and middle-income borrowers to purchase or rent homes that are affordable over the long term. Using authority provided by the Housing and Economic Recovery Act of 2008 (HERA), the initiative will enable the development and rehabilitation of tens of thousands of affordable rental properties and provide hundreds of thousands of affordable mortgages for working families. The initiative has two parts: the New Issue Bond Program (NIBP), a bond purchase program that will provide temporary financing for HFAs to issue new mortgage revenue bonds, and the Temporary Credit and Liquidity Program (TCLP), a program to improve HFAs’ access to liquidity for their outstanding bonds. 

The Homeowner Affordability and Stability Plan and other topics affecting state housing finance agencies will be discussed at Novogradac’s Tax Credit Housing Finance Conference in Las Vegas, Nev. on December 3-4, 2009.

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