The Treasury Department announced several changes Wednesday to its new issue bond purchase program for housing finance agencies, most notably that it is extending by one year through 2011 its deadline for converting short-term taxable bonds to long-term, tax-exempt bonds.

In addition, the amount of times an HFA is permitted to draw funds from escrow has been increased to six from three, according to a letter sent to participating agencies by the Treasury assistant secretary for financial institutions Michael Barr.

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