Posted To: MND NewsWire

The Department of Housing and Urban Development (HUD) has announced a series of actions aimed at assisting in the Biden Administrations goal of creating, preserving, and selling about 100,000 affordable houses over the next three years. The following are the main features of the multi-agency effort. Restarting the FHA’s Section 542 (c)Housing Finance Agency Risk-Sharing Program’s partnership with theDepartment of Treasury’s Federal Financing Bank (FFB Risk-Sharing which was suspended in 2019. This will provide low-cost, Ginnie Mae- comparable rates to HFAs that finance affordable housing development. Raising Fannie Mae’s and Freddie Mac’s (the GSEs’) equity cap for the Low-Income Housing Tax Credit (LIHTC). Each GSE’s annual investment in affordable housing development and preservation through…(read more)

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Source: Mortgage News Daily