WASHINGTON -- The Federal Housing Finance Board proposed Wednesday to shift more authority to each district Federal Home Loan Bank for administering the affordable-housing program.
The finance board regulates the Home Loan Bank system. The rule would delegate to the district banks authority to approve and supervise individual affordable-housing grants. It would also make technical changes in the way projects are evaluated.
Interested parties will have two months to comment on the proposed rule.
The board also approved $21.9 million in affordable-housing subsidies to help finance development of 5,929 housing units, 75% of which are for people with very low income.
