Federal officials announced the completion of all transactions under the new state and local Housing Finance Agency (HFA) Initiative.

Through more than 90 participating HFAs, the initiative will make affordable financing available to hundreds of thousands of new homebuyers and existing homeowners as well as support the development and rehabilitation of multifamily rental properties.

The Treasury Department purchased $13.9 billion in housing bonds from the agencies.

“These bond proceeds, combined with the $7.7 billion in retail housing bonds the initiative requires state HFAs to issue, will allow HFAs to finance more than 200,000 affordable homes, while generating jobs and tax revenue for the economy,” said Susan Dewey, president of the National Council of State Housing Agencies and executive director of the Virginia Housing Development Authority, in a statement. “HFAs are already putting these resources to work to provide first-time homebuyer mortgages and finance rental housing.”

The initiative has two key parts—a New Issue Bond Program (NIBP) to support new lending by HFAs and a Temporary Credit and Liquidity Program (TCLP) to improve HFA access to liquidity for outstanding HFA bonds.

The NIBP provided temporary financing for HFAs to issue new mortgage revenue housing bonds. Treasury purchased securities of Fannie Mae and Freddie Mac backed by these new bonds. With these investments, the HFAs have issued an amount of new bonds equal to what they are authorized to issue with the allocations provided by Congress but have been unable to issue given the current conditions, according to officials. NIBP will also support the development of rental housing.

Fannie and Freddie are administering the TCLP for HFAs to help relieve current financial strains and enable them to continue providing housing resources. The HFAs are provided temporary credit and liquidity facilities to help reduce the costs of maintaining existing financing.

All transactions had to be executed by Jan. 12, according to officials.

More than 90 state and local HFAs representing 49 states participated in the NIBP for an aggregate total new issuance of $15.3 billion. California had the largest total usage issuer level at nearly $1.4 billion.

 Twelve HFAs participated in the TCLP for an aggregate total usage of $8.2 billion.