Press Release

Fresno, CA – U.S. Representative George Radanovich (R-CA) and Federal Home Loan Bank of San Francisco (FHLBSF) representatives met with Fresno area mortgage lenders and housing advocates today to discuss ways to boost homeownership.

Local housing advocates have been concerned that the homeownership rate in the Fresno area, which is 56%, falls well below the national average of 68%. Rep. Radanovich and local mortgage lenders discussed to make it easier for first-time homebuyers to purchase homes.

"Owning a home is key to building strong families and strong communities,’’ said Rep. Radanovich. "The Federal Home Loan Bank of San Francisco hosted this meeting to help increase homeownership in our neighborhoods, and we have discussed ways to achieve that goal. The Bank has some excellent programs geared towards producing affordable housing and helping first-time homebuyers."

Dwight Alexander, Vice President of the FHLBSF, said that the FHLBSF is looking forward to working with its member institutions and Fresno area housing advocates to increase homeownership rates.

"We have specific programs that promote homeownership, and our members offer a variety of home loan programs targeted to first-time homebuyers," Mr. Alexander said.

Mr. Alexander specifically mentioned the FHLBSF’s Individual Development and Empowerment Account Program, which gives direct downpayment assistance to lower-income households saving to purchase their first home. Moreover, he noted that the FHLBSF’s Affordable Housing Program awarded a record $50 million in grants last year to help fund affordable housing initiatives for very low- to moderate-income renters and homebuyers in Arizona, California, and Nevada.

Mr. Alexander said, "We want more Fresno area residents to enjoy the American dream of homeownership. And our member financial institutions can help families achieve that dream."

About the Federal Home Loan Bank of San Francisco
FHLBSF 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 builds neighborhoods and communities. The FHLBSF also funds community investment programs that help members create affordable housing, promote community economic development, and foster partnerships among lenders, housing developers, community organizations, and government agencies. It serves and is owned by 348 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

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