The suggested language is also intended to capture programs that do not provide monetary subsidies, but that have the express intent of producing or preserving affordable housing, such as a loan in support of a land bank program.
I’ll begin by discussing how a growing understanding of the importance of transparency shaped FOMC communication in the years before the financial crisis. Next, I’ll relate how the financial crisis brought unprecedented challenges for monetary policy that required the use of unconventional policy tools, including some barely contemplated before the crisis.