For Immediate Release
November 23, 2009
Florida Agricultural and Mechanical University
(BPRW) Housing Relief for Working Families
The initiative is also supported by numerous state housing financing agencies, and is said to provide thousands of people with affordable mortgages for working families. This initiative enables the development and rehabilitation of many rental properties at no extra cost to taxpayers, according to HUD. The initiative was developed as a joint plan between the Department of Treasury (DOT), HUD, Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency (HFA).
Secondly, the initiative consists of the New Issue Bond Program which can help support first time homeowners, and can help at-risk but responsible homeowners into more manageable mortgages with refinancing opportunities, and new mortgages. The next initiative is the Temporary Liquid and Liquidity Program, which is more for the states and their HFA’s administrations to alleviate some of the financial burden the agency absorbs.
According to HUD, the state HFAs would have to pay a fee to use the program, only because it covers the costs of taxpayers and the DOT. The program is temporary in nature and is only used to help during this housing downturn.
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