Press Release

Glendale, AZ – U.S. Representative Trent Franks (R-AZ) and Federal Home Loan Bank of San Francisco (FHLBSF) representatives met with mortgage lenders and housing advocates today to discuss strategies for boosting homeownership—particularly for minorities— in the Phoenix area.

While the overall homeownership rate in Arizona is higher than the national average, 73% compared to 68%, a gap exists between the state’s overall homeownership rate and the rate for minorities. The homeownership rate is 55% for Hispanics and 44% for African-Americans in Arizona. At today’s meeting, which was sponsored by the FHLBSF, participants explored ways to assist first-time homebuyers.

"Participants recognized that owning a home is critical to building healthy, vibrant communities," said Rep. Franks. "The Federal Home Loan Bank of San Francisco is working with housing advocates and its member financial institutions to increase homeownership in our neighborhoods. We have discussed ways to help achieve that goal."

Dwight Alexander, Vice President of the FHLBSF, said that the FHLBSF is looking forward to working with its member institutions and Phoenix area housing advocates to inform potential homebuyers abut the programs that can help them.

"The Bank and its members offer a number of programs that can make it easier for people to purchase homes. Data shows that our members make proportionately more mortgage loans to low-income, minority, and female-headed households than other financial institutions," Mr. Alexander said.

Mr. Alexander cited the FHLBSF’s Individual Development and Empowerment Account Program, which provides downpayment assistance to lower-income households saving to purchase a home. He also noted that the FHLBSF’s Affordable Housing Program awarded a record $50 million in grants last year to subsidize affordable housing initiatives for very low- to moderate-income renters and homebuyers in Arizona, California, and Nevada.

"We want to help more Phoenix residents become homeowners, and our members stand ready to assist," said Mr. Alexander.

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 bank, savings institution, credit union, insurance company, and thrift and loan member institutions headquartered in Arizona, California, and Nevada.

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

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