WASHINGTON — The Treasury Department this week allocated $29.1 billion to state and local housing finance agencies for temporary new-issue bond purchase and liquidity programs, but some small HFAs are warning the fees they would have to pay to participate in the purchase program are prohibitively expensive.

“It’s a serious concern for us and very well could be a dealbreaker,” said John Murphy, executive director of the National Association of Local Housing Finance Agencies.

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