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White House To Extend Affordable Housing Program

DAVID GREENE, HOST:

NPR's Business News begins with an expansion in affordable housing. The White House announced plans yesterday to extend its affordable housing program. Treasury secretary Jacob Lew said the Administration would tap into treasury funds to boost new construction of rental housing and extend its mortgage modification program. This move comes after some criticism about current loan modification efforts. After five years, the Obama initiative has resulted in more than 1.3 million loan restructures - far fewer than expected. The program is now extended through the end of 2016. Transcript provided by NPR, Copyright NPR.