As a U.S. Treasury Department bond program intended to help housing finance agencies nears its halfway point, results are lagging behind expectations, Standard & Poor’s warned in a report issued Tuesday.

The New Issue Bond Program is set to expire Dec. 31, but local housing agencies recently asked the Treasury to extend the deadline for converting short-term taxable bonds to long-term, tax-exempt, fixed-rate bonds. The agencies argue they could have trouble making the cutoff date.

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