Some state housing finance agencies had to turn to alternatives to mortgage revenue bonds to finance housing, even though issuance was up, the National Council of State Housing Agencies found in a recently released 2011 factbook.

“With the housing market struggling to recover, and mortgage interest rates remaining at near-record lows, some HFAs have found that MRBs do not currently offer them the same competitive advantages they did previously,” the factbook said. “Consequently, many HFAs have begun to utilize alternative financing structures, such as Ginnie Mae or pass through arrangements, which have allowed them to continue carrying out their missions in this touch economic environment.”

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