Administration Announces Initiative For State and Local Finance Agencies
As part of its comprehensive plan to stabilize the U.S. housing market, the Obama Administration announced a new initiative for state and local housing finance agencies (HFAs) that will help 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.
The HFA Initiative, using authority provided to Treasury by the Housing and Economic Recovery Act of 2008 (HERA), will provide hundreds of thousands of affordable mortgages for working families and enable the development and rehabilitation of tens of thousands of affordable rental properties. It will do this at little or no cost to the taxpayer because it is paid for by the HFAs themselves and, as a temporary program, it incentivizes HFAs to transition back to market sources of capital as quickly as possible.
View the HFA Initiative Fact Sheet here.
View the press release here.
View the Q&A here.
View the story in NBN.
For more information e-mail Carmel McGuire or call her at 800-368-5242 x8207.
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