2014-06-26T210043Z_1_LYNXMPEA5P10N_RTROPTP_2_USA

Obama administration unveils plan to expand affordable housing

U.S. Treasury Secretary Jacob Lew listens during a panel discussion at the North American Energy Summit in the Manhattan borough of New YorkBy Elvina Nawaguna WASHINGTON (Reuters) – The Obama administration on Thursday said it would tap Treasury funds to bolster the construction of affordable rental housing and extend the life of a program aimed at helping struggling homeowners avoid foreclosure. The announcement by Treasury Secretary Jacob Lew was timed to coincide with the fifth anniversary of the Making Home Affordable program, an Obama administration initiative launched at the height of the economic crisis to revitalize the housing sector. Lew also said the administration would use money from the Treasury Department’s Federal Financing Bank to help housing finance agencies fund the construction of more affordable rental housing. The collapse of the housing market created a spike in demand for rental housing, which has driven costs up.

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