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Losses Stall Affordable-Housing Projects

March 12, 2008 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

Affordable housing is the latest victim of the credit crunch that is reverberating through financial markets.

Projects are being canceled because some of the nation’s largest financial companies, including Fannie Mae, Freddie Mac and Bank of America, have scaled back their participation in the federal government’s largest and most prolific affordable housing tax-credit program, designed to boost construction of below-market-rent apartments.

By ALEX FRANGOS

Full Story: http://online.wsj.com/article/SB120528204216228891.html?mod=todays_us_nonsub_marketplace

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