The Administration proposes to create a new permanent AFF Bonds program, which would be an optional alternative to traditional tax-exempt bonds.

WHITEHOUSE: The White House

Like BABs, AFF Bonds would be conventional taxable bonds issued by State and local governments in which the Federal government makes direct payments to State and local governmental issuers in a subsidy amount equal to 28 percent of the coupon interest on the bonds.

WHITEHOUSE: The White House