The National Association of Local Housing Finance Agencies sent an “urgent appeal” to the Obama administration last week asking it to quickly announce a long-expected $35 billion bond purchase and liquidity program, warning that a rapidly approaching deadline could drastically limit the program’s effectiveness if it is not unveiled soon.

In a two-page letter sent to the president last week, NALHFA said that time is quickly running out for housing agencies to take advantage of the bond purchase component of the program, under which the Treasury Department would create a market for tax-exempt multifamily and single-family HFA bonds by purchasing up to $20 billion of them through government-sponsored enterprises Fannie Mae and Freddie Mac.

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