San Diego Using Build America Bonds for $100 Million Multifamily Affordable Housing Program.

Interesting twist HERE; not clear whether approach is replicable but certainly appears to be worth a closer look give significant subsidies inherent in Build America bonds.

The unusual structure that NorthMarq has created uses the federal government's Build America Bonds program to provide interest rebates on the housing commission's Fannie Mae and FHA loans. The Build America Bonds program, adopted as part of he American Recovery and Reinvestment Act of 2009 to foster investment by municipalities, will provide the housing commission with interest rebates of 35% for the full terms of the loans. The rebates will result in annual interest savings of more than $1.2 million for the housing commission..

Originally created and posted on the Oregon Housing Blog.