The Economic Recovery Act and Housing, 2008 contained a number of precautions to prevent against the country from falling into an even deeper recession, which has already been met. Were among the housing policy as a program geared for the new bond (PNI).
It enabled the Treasury to securities of Fannie Mae and Freddie Mac, the first of the national and local housing finance agencies (HFA), to fund housing projects were sold to purchase guaranteed. Up to 60 percent of the bond may be purchased by the U.S. Treasury, and the rest were as a bond market for the general public are sold. The structure 60/40 was determined by the bonds attractive to private investors and increases the amount of money could be made available for HFA single-family mortgages.
Originally founded in the spring of 2008, PNI was created by the Obama administration, help for disadvantaged areas, continue to hire low and moderate income multi-family homes financed projects. The program funding can also be used to provide low-interest mortgages to low-and middle-income families. PNI loans can loan to low-income housing tax (LIHTC) and other programs are combined in order to keep house prices at lower than market rates.
He was general agreement within the community housing program that PNI was a success. It has promoted the availability of mortgages and private investment, the key to the largest settlement has increased. In 2010, for example, more than $ 7.5 billion in bonds issued by the NBP. During the first two-year program (2008 and 2009), the U.S. Treasury has estimated that more than 90 housing finance agencies in 49 states have the program to $ 15 billion in bonds used to spend. » Read more: New Issue Bond Program
