White House Announces Indefinite Extension of FFB Risk-Sharing Less Than a Week After Rep. Torres Leads Campaign for Just That

Feb 29, 2024
Press

WASHINGTON, D.C – Today, the White House announced that it is indefinitely extending the Federal Financing Bank Risk Sharing Program — less than a week after Congressman Ritchie Torres (NY-15) led an effort with 36 of his colleagues in the House and Senate to pressure the administration to do just that. The Congressman’s advocacy played a critical role in ensuring the protection of this crucial program. This is a significant win for NY-15 and Congressman Torres. 

See this morning’s White House Fact Sheet for their announcement: “Today, the Department of Housing and Urban Development and the Department of the Treasury are announcing that they are indefinitely extending the Federal Housing Administration (FHA) and Federal Financing Bank (FFB) Risk Sharing program– providing an ongoing source of capital so that state and local housing finance agencies (HFAs) can continue to offer FHA insured multifamily loans at reduced interest rates to create and preserve high-quality, affordable rental homes. After the previous Administration suspended the program, the Biden-Harris Administration restarted the program in 2021. Since then, more than 12,000 affordable housing units have been created or preserved, supported by almost $2 billion in FHA-insured loans made through the program. This new extension will create an estimated 38,000 additional units over ten years, as well as bolster HFA participation in the program.”

Last Saturday, The Real Deal reported on the letter: “Deep in the acronym-laden world of affordable housing programs exists one called FFB Risk-Sharing, which has helped state agencies finance 42,000 homes since its inception in 2015. The Trump administration let it expire at the end of 2018, but President Joe Biden revived it in September 2021. However, the Federal Financing Bank’s Risk-Sharing is poised to die again: Biden’s commitment was for three years, meaning no applications will be accepted after Sept. 30. Now, Democratic members of Congress including New Yorkers Rep. Ritchie Torres, Rep. Nydia Velazquez and Sen. Kirsten Gillibrand are imploring the administration to make the FFB program permanent.”

Congressman Torres applauds the White House for taking such a significant step in support of affordable housing and looks forward to working with them to support this program going forward.

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