Press Release

Stockton, CA – U.S. Representative Dennis Cardoza (D-CA) and Federal Home Loan Bank of San Francisco (FHLBSF) representatives met with Stockton area mortgage lenders and housing advocates today to discuss strategies to improve homeownership rates, particularly for minorities.

Although the homeownership rate among non-Latino Whites in Stockton is on par with the overall national average of 68%, the homeownership rate for Latinos, 48.3%, is much lower, according to the U.S. Census Bureau.

Rep. Cardoza expressed concern about low homeownership rates among Latinos in particular. "Low homeownership, particularly in the Latino community in Stockton, remains large. We must develop innovative approaches to increase homeownership for those residents who currently have no opportunity to own their own home," he said.

With a large Latino community in Stockton -- Latinos comprise 32.5% of the population -- participants noted the housing challenges for this population. Specifically, participants cited challenges in bridging cultural and language barriers. "We have a unique population, with unique needs," said Rep. Cardoza. "With help from the Federal Home Loan Bank of San Francisco, local government, business, and community leaders, we can address those needs and provide affordable housing for more Stockton residents."

As the demand for affordable housing increases, the FHLBSF and its members offers many programs to help residents achieve homeownership.

"Through our programs and those of our member institutions, people can receive the assistance they need to prepare for homeownership, learn how to navigate the homebuying process, and purchase a home," said Dwight Alexander, Vice President of the FHLBSF. "Studies of Home Mortgage Disclosure Act (HMDA) data show that our members originate more mortgage loans for low-income, minority, and female-headed households than other financial institutions in Arizona, California, and Nevada."

In particular, Mr. Alexander mentioned the FHLBSF’s Individual Development and Empowerment Account Program, which provides matching subsidies to lower-income households saving to purchase a home. He also mentioned the FHLBSF’s Affordable Housing Program (AHP), a flexible, competitive funding source that provides grants and subsidized loans for single-family and multifamily projects targeting very low- to moderate income households. Last year, the FHLBSF awarded a record $50 million in AHP grants last year to help finance affordable housing initiatives for very low- to moderate-income families and individuals.

"Housing is a fundamental necessity for everyone and not enough people have access to affordable housing in Stockton," said Mr. Alexander. "Representative Cardoza, the Federal Home Loan Bank of San Francisco, and everyone at today’s meeting will work to help more Stockton residents achieve the American dream of homeownership."

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 345 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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