(BLACK PR WIRE/FAMU-TALLAHASSEE) – As the economy is struggling, Americans are searching for answers for mortgage relief and paths to home ownership. According to the Department of Housing and Urban Development (HUD), the Obama administration announced that an initiative is set in place that will help by supporting low mortgage rates, and expanding resources for low and middle income borrowers to purchase or rent homes that are affordable over the long term.

The initiative is also supported by numerous state housing financing agencies, and is said to provide thousands of people with affordable mortgages for working families. This initiative enables the development and rehabilitation of many rental properties at no extra cost to taxpayers, according to HUD. The initiative was developed as a joint plan between the Department of Treasury (DOT), HUD, Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency (HFA).

Secondly, the initiative consists of the New Issue Bond Program which can help support first time homeowners, and can help at-risk but responsible homeowners into more manageable mortgages with refinancing opportunities, and new mortgages. The next initiative is the Temporary Liquid and Liquidity Program, which is more for the states and their HFA’s administrations to alleviate some of the financial burden the agency absorbs.

According to HUD, the state HFAs would have to pay a fee to use the program, only because it covers the costs of taxpayers and the DOT. The program is temporary in nature and is only used to help during this housing downturn.