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Reuters

U.S. Treasury to allow COVID funds for state, local affordable housing loans

The U.S. Treasury said on Wednesday that it will allow state, local and tribal governments more flexibility to use COVID-19 rescue funds to boost the supply of affordable housing, including permission to issue direct long-term project loans. The changes for the $350 billion State and Local Fiscal Relief Fund program are aimed at filling a financing gap for affordable housing projects, allowing them to be more easily developed, especially those that are eligible for the Treasury’s Low-Income Housing Tax Credit. State, local and tribal governments can fully provide loan principal under the new guidance, provided projects meet certain criteria.