The initiative has two parts: the New Issue Bond Program (NIBP), which supported new lending to homeowners by state and local HFAs, and the Temporary Credit and Liquidity Program (TCLP), which backed bonds and shored up existing debt for 90 state and local FHAs. All told, the program has helped over 200,000 homeowners, according to The treasury Dept.
Fitch Ratings late last year upgraded Utah's housing agency, thanks to the HFA initiative, and saluted Idaho's use of the credit. New Hampshire used the Federal backing to build multifamily properties and offer 30-year mortgages at historically low rates -- as cheap as 4.375% with one point in late December.
It might be worth extending a program that had such demonstrable results. Surely we're not out of the woods yet.