Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Administering Agency/Entity	Department of the Treasury
Short Description	Purchased a participation interest in the Temporary Credit and Liquidity Facilities provided to housing finance agencies (HFA) under the Temporary Credit and Liquidity Program (TCLP). Fannie Mae and Freddie Mac administered TCLP, which provided replacement credit and liquidity facilities to HFAs to help reduce the costs of maintaining existing financing, relieve financial strains, and preserve the viability of the HFA infrastructure. Treasury backstopped the replacement liquidity by purchasing a participation interest in the temporary credit and liquidity facilities for the HFAs. Treasury designated private-sector firms as its financial agents to act as independent asset managers for the purchase and management of the portfolio. HFAs submitted detailed program participation requests to Treasury’s financial agents for participation in TCLP.
Primary Purpose	Emergency assistance to housing market or current homeowner
Type of Housing Supported	Both
Type of Assistance	Other
Fiscal Year 2010 Obligations	-$552,000,000; represents the expected credit subsidy costs for purchases in fiscal year 2010, worth $8.2 billion. The ultimate cost will not be known until Treasury’s interests are dissolved. Treasury’s authority to enter additional obligations under the program expired on December 31, 2009.