Update 2--Quick Post: Administration Announces New HFA Programs for Both Rental and Homeownership.

Update2:
State housing agency trade organization website for this initiative is HERE.
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Update 1: Added two Bond Buyer stories HERE and HERE.
First story looks like it was prior to announcement and indicates advocacy group pushing for $35 Billion program. Second story provides more details about variable-rate demand obligation part of program and notes that California is one of states that would benefit.
Additional Note: Appears from read of details in links below that states must apply for approval to participate by December 31, 2009.
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Just grabbed this off of Novogradac website late Monday and will read in detail in the morning. Links in story will take you to source documents.

WASHINGTON, D.C. - October 19, 2009 - The Obama administration today announced the Homeowner Affordability and Stability Plan, an initiative for state and local housing finance agencies (HFAs) that will support low mortgage rates and expand resources for low- and middle-income borrowers to purchase or rent homes that are affordable over the long term. Using authority provided by the Housing and Economic Recovery Act of 2008 (HERA), the initiative will enable the development and rehabilitation of tens of thousands of affordable rental properties and provide hundreds of thousands of affordable mortgages for working families. The initiative has two parts: the New Issue Bond Program (NIBP), a bond purchase program that will provide temporary financing for HFAs to issue new mortgage revenue bonds, and the Temporary Credit and L iquidity Program (TCLP), a program to improve HFAs’ access to liquidity for their outstanding bonds. A summary of the programs can be found here.

Originally created and posted on the Oregon Housing Blog.