The U.S. Department of Housing and Urban Development (HUD) and several lending institutions also participated in the panel discussion, which was part of the Ventura County Coastal Association of Realtors Homeownership Expo. The program's audience included residents, as well as industry representatives from nonprofit organizations and building contractors. U.S. Rep. Lois Capps (D-CA) and Oxnard Mayor Manuel Lopez made opening remarks at the event.

"From speaking with residents here, we know that taking the first steps toward homeownership is not always easy," said Jim Yacenda, Vice President at the FHLBSF. "We are here today to identify resources to help Ventura County residents take those first steps. Today's expo is an example of how the FHLBSF, HUD, and others are helping residents in the region navigate the homebuying process."

Ventura County has become one of the more challenging regions for homebuyers in California. The cost of a median-priced home is $457,140, up 25% from a year ago, according to the California Association of Realtors. With home prices rapidly increasing, only one-third of county households can afford a median-priced home.

As housing costs continue to rise, the FHLBSF and its member financial institutions offer many programs to help prospective homebuyers. During the panel discussion, Mr. Yacenda cited the FHLBSF's Individual Development and Empowerment Account (IDEA) Program, which provides matching subsidies for lower-income households seeking to become homeowners. He also referenced the FHLBSF's Affordable Housing Program (AHP), a competitive grant program that enables community financial institutions to partner with housing agencies and nonprofit organizations to create affordable housing for families and individuals who otherwise might not be able to buy a home or find an affordable place to rent. Recently, the FHLBSF awarded $21.6 million in 2003 Round A AHP grants that will generate 3,600 affordable housing units in Arizona, California, Nevada, and other localities served by the Bank's members.

"We understand that expanding homeownership opportunities is critical for building and strengthening vibrant communities," said Mr. Yacenda. "The regional nature of the FHLBSF enables its members to address the housing needs of local communities. Through our members, we help families and individuals of all income levels to acquire quality housing and achieve homeownership."