Press Release

Lawmaker and FHLBSF Discuss Resources Available to Area Homebuyers

SAN DIEGO — U.S. Representative Susan Davis (D-CA) and Federal Home Loan Bank of San Francisco (FHLBSF) representatives today met with community mortgage lenders and housing advocates to discuss ways to increase homeownership in San Diego.

Participants discussed ways to increase the homeownership rate in San Diego.  At 55.4%, the homeownership rate for San Diego is close to the state average, but lower than the national average of 68%, according to the U.S. Census Bureau.

"Homeownership is critical to building and sustaining healthy communities," said Rep. Davis.  "We need to ensure that San Diego residents have the tools they need to achieve homeownership. I look forward to working with the Federal Home Loan Bank of San Francisco, community mortgage lenders, and housing advocates to help more of my constituents realize the American dream of owning a home."

Access to affordable housing is a challenge for many San Diego residents seeking to purchase homes. The California Building Industry Association reports that San Diego is the eighth least affordable place to live in the nation. Only 20% of San Diego households can afford a median-priced home, which costs $406,950, according to the California Association of Realtors.

As housing costs continue to increase, the FHLBSF and its member financial institutions offer a variety of programs that can help San Diego residents achieve homeownership.

In particular, Lawrence H. Parks, FHLBSF's Senior Vice President, mentioned the FHLBSF's Individual Development and Empowerment Account (IDEA) Program, which provides matching subsidies to lower-income households saving to purchase a home. He also cited 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. Recently, the FHLBSF awarded $21.6 million in 2003 AHP Round A grants to help finance affordable housing initiatives in Arizona, California, Nevada, and other states served by the Bank's members.

"Through initiatives such as IDEA and AHP, the FHLBSF has demonstrated its commitment to helping increase homeownership opportunities," said Mr. Parks. "Today's roundtable discussion is another example of how the FHLBSF – through its member institutions — works to make homeownership a reality for homebuyers in Arizona, California, and Nevada."

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 serves and is owned by 349 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada. 

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

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