Treasury New Issue Bond Purchase Program
In October 2009 the Obama Administration announced its
Housing Finance Agency (HFA) Initiative, also known as the New Issue Bond
Purchase Program (NIBP). Under the
program the U.S. Treasury agreed to purchase up to $15.3 billion in tax-exempt
single-family and multifamily housing bonds that were bought from HFAs,
securitized by the Government-Sponsored Enterprises, Fannie Mae and Freddie
Mac, and sold to Treasury.
NALHFA played a key role on behalf of its members in shaping
the program at its conceptual stage and through implementation. From the point of view of local HFAs the
program was highly successful. As of
September 30, 2011 33 of 35 local HFAs used $269,870,000 of their
$1,018,740,000 authority allocated for single-family to assist 7,540
homebuyers, 97% of whom were first-time homebuyers with average incomes of 78%
of the area median income purchase affordable homes.
On the multifamily side of the program 11 of 12 local HFAs
used $794,810,000 of the $1,139,110,000 in allocated authority to finance new
construction or preservation of 9,427 units, 91% of which were affordable to
households with incomes at or below 60% of median income.
NALHFA leaders and staff, assisted by an able group of
affiliate members providing technical assistance, are actively advocating for a
Round 2 of NIBP. On-going discussions
continued with key federal officials.
Below are links to key documents that describe the NIBP
program.
Presentations on NIBP from the 2012 NALHFA Annual Conference-
Analysis of the
Impact of the Treasury/Government Sponsored Enterprises New Issue Bond Purchase
Program - "But for NIBP”
Local Housing Finance Agency
Participation
in the Treasury/Government Sponsored Enterprises
New Issue Bond Purchase Program (NIBP):
A Tremendous
Story of Success
"Importance to the Administration and the Economy of Renewing the New Issue Bond Program" by Gene Slater
"New
Issue Bond Purchase Program:
Going Forward" by Gene Slater
Department of the Treasury Announces Initiative for State and Local Housing Finance Agencies
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