What's New

As part of its comprehensive plan to stabilize the U.S. housing market, the Obama Administration announced on Monday, October 19, 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. Following up on 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 HFAs and a temporary credit and liquidity program to improve the access of HFAs to liquidity for outstanding HFA bonds.

The South Carolina State Housing Finance and Development Authority applauds this initiative. It is uncertain to what extent we may utilize the newly created housing bond purchase program. Unlike some Housing Finance Authorities in other states, we have not stopped or even curtailed our lending due to lack of funds. Nor will we need the portion of this package aimed at providing new liquidity to support variable rate debt obligations since our agency has never used this method of finance. 

For more information about the new initiative, visit the National Council of State Housing Agencies' website.