The Obama Administration through the United States Department of Housing and Urban Development (HUD) annouced two new initiatives to help state and local housing finance agencies and the affordable housing industry.

The first initiative is the New Issue Bond Program (NIBP), whereby the United States Treasury will purchase securities of Fannie Mae and Freddie Mac backed by bonds issued under this program.  The goals of the program are to help first time homebuyers and provide new rental housing units for working families.

The second initiative is the Temporary Credit and Liquidity Program (TCLP) which will enable Fannie Mae and Freddie Mac to provide replacement credit to housing finance agencies (HFA’s) to help reduce the costs of maintaining existing financing for housing fianance agencies (HFA’s).

More information found here:  Obama October 2009 Initiative to Help HFA’s