Administration Announces New Financing Program for Housing Agencies
On Monday, the Obama administration unveiled a new program to support state and local housing finance agencies (HFAs). The plan will help the agencies finance mortgages for first-time homebuyers and develop rental housing. This announcement follows upon the intent to support HFAs first outlined in February under the Homeowner Affordability and Stability Plan. The Administration's initiative has two parts: a new bond purchase program to support new lending by state and local housing finance agencies, and a temporary credit and liquidity program to improve the access of HFAs to liquidity for outstanding HFA bonds.
State and local housing finance agencies have the authority to finance and administer a number of programs in order to develop and preserve affordable housing for low- to moderate-income households. Manufactured housing is an integral part in meeting the demand for affordable housing, and is an eligible activity for housing finance agencies to be involved with. MHI encourages its members to work closely with state and local housing finance agencies as they can be an important source of financing.
Source: MHI Newswire