Pharma Investments, Ventures & Law Weekly
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FHLBank Pittsburgh
Housing Stimulus Legislation Signed Today Has Added Bonus: New FHLBank Powers to Boost Low-Cost Financing of Public Projects
August 24th, 2008
The housing stimulus legislation that President Bush signed into law today contains a little-mentioned but significant provision that goes beyond assistance for homeowners. A variety of public projects now on hold or becoming more expensive will receive relief due to a provision allowing the nation's twelve Federal Home Loan Banks to issue letters of credit in support of tax-exempt bond issues, making stalled projects viable by keeping low-cost financing flowing. The provision empowering the FHLBanks to fill a void created by the year-long credit crunch and the downgrading of municipal bond insurers was supported by dozens of national, state and local organizations...
Source: Pharma Investments, Ventures & Law Weekly (2008-08-24)
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