Pappas Advocacy Brings Federal Housing Resources to New Hampshire
New Hampshire is among the most active users of the Federal Financing Bank (FFB) Risk-Sharing program that Pappas called on the Biden Administration to extend permanently
Following Congressman Chris Pappas’s (NH-01) advocacy for the Biden Administration to expand and strengthen a key program that drives housing production in New Hampshire, it was announced this week that the Federal Financing Bank (FFB) Risk-Sharing program would be permanently extended.
Created to stimulate affordable housing production, the FFB Risk-Sharing program provides state and local Housing Finance Authorities with access to long-term financing to construct and preserve affordable multifamily rental housing.
“New Hampshire’s need for affordable housing grows by the day, and that is why I had urged the Biden Administration to take these actions to permanently extend the Federal Financing Bank Risk-Sharing program to incentivize housing production and create the additional housing stock that is needed across the state,” said Congressman Chris Pappas. “Across the First District, communities are working to address our housing crisis. I remain committed to working with them, listening to their concerns, and delivering federal resources that can help create more affordable housing in every corner of the state.”
Earlier this month, Pappas sent a letter to Secretary Yellen, Secretary Fudge, Director Brainard, and Director Young urging the Biden Administration to permanently extend the Federal Financing Bank Risk-Sharing program citing the urgent need for housing in the Granite State and the importance of this federal resource to New Hampshire.
New Hampshire Housing is among the most active users of the FFB Risk-Sharing program in the country. The extension of this program creates a consistent source of lower-cost capital for NH Housing to address the critical need for affordable housing.