Press Release

Panelists to review $8.3 million in housing grants to San Diego and Imperial counties

Chula Vista, CA – For Latino families in the area, finding affordable housing remains a daunting challenge, according to a roundtable discussion with housing leaders from the southern San Diego and Imperial County area. U.S. Representative Bob Filner (D-CA) and Dwight Alexander, a vice president at the Federal Home Loan Bank of San Francisco (FHLBSF), hosted the meeting with local government officials, housing advocates, and business representatives to outline current efforts to alleviate the housing crisis and steps to solve the problem in the future.

With a large Latino community in southern San Diego and Imperial County, participants noted unique housing challenges for this population. Many problems are symptomatic of a new immigrant population. Specifically, participants cited challenges in bridging cross-cultural barriers, higher proportions of household income spent on rent, and the need for larger family housing. One of the most ethnically diverse in the nation, Rep. Filner’s district is 53% Latino.

Among the many programs discussed, speakers noted FHLBSF’s Affordable Housing Program (AHP) for awarding $2.1 million in grants in San Diego County and $6.2 million in nearby Imperial County in 2002. The FHLBSF grants AHP monies to its member institutions for specific housing initiatives.

FHLBSF member Valley Independent Bank has been active in using AHP funds to help increase the supply of affordable housing in Imperial County. Valley Independent’s AHP grants currently finance affordable rental communities for almost 300 households in El Centro, Heber, Holtville, and Westmorland. Over 90% of those affordable communities are designated for very low-income families.

"Affordable housing in San Diego and Imperial counties is scarce, but the organizations here today are dedicated to alleviating that scarcity," said Rep. Filner. "We have a unique population, with unique needs. With help from the Federal Home Loan Bank of San Francisco and local government, business and community leaders, I know that we can address those needs and provide affordable housing for more residents in Southern California."

"Housing is a fundamental necessity and not enough people have access to affordable housing in Southern California. It affects everyone, not just those without affordable housing," said Dwight Alexander, Vice President at the FHLBSF. "This problem will not go away by itself; Representative Filner, the Federal Home Loan Bank of San Francisco, and everyone here are working to address the underlying problems and improve Southern California communities."

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 342 commercial banks, savings institutions, credit unions, and thrift and loan companies headquartered in Arizona, California, and Nevada.

Contact:
Amy Stewart, (415) 616-2605
stewarta@fhlbsf.com

# # #