US Treasury, states to decide housing aid ceiling
WASHINGTON, Oct 19 (Reuters) – The U.S. Treasury and other federal agencies will work with state and local governments in the coming weeks to determine the size of a new lending program for state and local housing finance agencies, a senior Treasury official said on Monday.
Michael Barr, the Treasury’s assistant secretary for financial institutions, told a conference call that the program will have a dollar amount ceiling, but that would be determined over the next several weeks working with the state and local agencies that would be paying fees to fund the new financing program.
“We really believed it was important to build estimates of program from the ground up, to ensure that we understood the demand,” Barr said.
(Reporting by David Lawder and Glenn Somerville; Editing by Diane Craft)