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Press Release

For Immediate Release
October 17, 2005

FHLBank San Francisco, Rep. Lantos Host Roundtable to Discuss Increasing Workforce Housing, First-time Homeownership on San Mateo Peninsula
 
San Mateo, CA— The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Rep. Tom Lantos (D-CA) last week discussed ways to increase affordable housing on the San Mateo Peninsula, with a special emphasis on creating housing for working families.
 
At the roundtable gathering,  public officials, lenders, housing advocates, and developers cited rising land costs and home prices as two key obstacles to creating affordable housing. Participants noted that the San Mateo Peninsula  is one of the most expensive places to live in the San Francisco Bay Area and that many low- to moderate-income families are priced out of the housing market or forced to live great distances from their jobs.
 
“My wife and I purchased our first home in San Bruno in the mid-1950s for $10,000 with a $500 down payment. Now first-time homebuyers have no such hope,” said Rep. Lantos. “Today, the median home price in the Bay Area is $731,000. I am most concerned about providing affordable housing in our community.”
 
FHLBank San Francisco has several programs for first time homebuyers and low-income residents that can help increase homeownership, said Dwight Alexander, Vice President of Legislative and Regulatory Affairs.
 
“Often potential homeowners just need to know about the programs and services that are available to help them buy a home,’’ Mr. Alexander said. “We are here today, in part, to make housing advocates and others aware of the many ways that the Federal Home Loan Bank of San Francisco and our member institutions can help families and individuals share in the American dream of homeownership."
 
Mr. Alexander cited several available programs, including the Individual Development and Empowerment Account (IDEA) Program and the Workforce Initiative Subsidy for Homeownership (WISH) Program. Both are matching savings programs that provide lower-income families up to $15,000 for downpayment and/or closing costs. Each dollar saved by a participant is matched with up to $3 from the FHLBank San Francisco. In addition, participants must complete a homebuyer counseling program. 
 
Roundtable participants included representatives from Washington Mutual Bank, Citibank (West), United Commercial Bank, Greater Bay Bank, and the Human Investment Project Housing. The participants shared ideas about how to increase California’s supply of housing and expand opportunities for first-time homebuyers.
 
In Rep. Lantos’ congressional district, which includes San Mateo County and South San Francisco, there are 19 financial institutions that originate mortgage loans that are members of the FHLBank San Francisco. Bank membership allows these lenders to hold those loans in portfolio rather than selling them on the secondary market because they can pledge the loans to FHLBank San Francisco for low-cost credit. 
 
Since 1990, Rep. Lantos’ district has received approximately $1 million in grants from FHLBank San Francisco’s Affordable Housing Program, which awards grants to create affordable rental and homeownership opportunities for very low- to moderate-income households.
 
“We strongly believe that homeownership is the foundation for our family life and our neighborhoods," Mr. Alexander said. “Entire communities are often affected by whether housing is available and affordable. Homeownership that allows you to live and work in the same area is important for improving the financial stability of working families and strengthening community values."
 
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 also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by commercial banks, savings institutions, credit unions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.
 
Contact:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com



© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

Press Release

For Immediate Release
October 17, 2005

FHLBank San Francisco, Rep. Lantos Host Roundtable to Discuss Increasing Workforce Housing, First-time Homeownership on San Mateo Peninsula
 
San Mateo, CA— The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Rep. Tom Lantos (D-CA) last week discussed ways to increase affordable housing on the San Mateo Peninsula, with a special emphasis on creating housing for working families.
 
At the roundtable gathering,  public officials, lenders, housing advocates, and developers cited rising land costs and home prices as two key obstacles to creating affordable housing. Participants noted that the San Mateo Peninsula  is one of the most expensive places to live in the San Francisco Bay Area and that many low- to moderate-income families are priced out of the housing market or forced to live great distances from their jobs.
 
“My wife and I purchased our first home in San Bruno in the mid-1950s for $10,000 with a $500 down payment. Now first-time homebuyers have no such hope,” said Rep. Lantos. “Today, the median home price in the Bay Area is $731,000. I am most concerned about providing affordable housing in our community.”
 
FHLBank San Francisco has several programs for first time homebuyers and low-income residents that can help increase homeownership, said Dwight Alexander, Vice President of Legislative and Regulatory Affairs.
 
“Often potential homeowners just need to know about the programs and services that are available to help them buy a home,’’ Mr. Alexander said. “We are here today, in part, to make housing advocates and others aware of the many ways that the Federal Home Loan Bank of San Francisco and our member institutions can help families and individuals share in the American dream of homeownership."
 
Mr. Alexander cited several available programs, including the Individual Development and Empowerment Account (IDEA) Program and the Workforce Initiative Subsidy for Homeownership (WISH) Program. Both are matching savings programs that provide lower-income families up to $15,000 for downpayment and/or closing costs. Each dollar saved by a participant is matched with up to $3 from the FHLBank San Francisco. In addition, participants must complete a homebuyer counseling program. 
 
Roundtable participants included representatives from Washington Mutual Bank, Citibank (West), United Commercial Bank, Greater Bay Bank, and the Human Investment Project Housing. The participants shared ideas about how to increase California’s supply of housing and expand opportunities for first-time homebuyers.
 
In Rep. Lantos’ congressional district, which includes San Mateo County and South San Francisco, there are 19 financial institutions that originate mortgage loans that are members of the FHLBank San Francisco. Bank membership allows these lenders to hold those loans in portfolio rather than selling them on the secondary market because they can pledge the loans to FHLBank San Francisco for low-cost credit. 
 
Since 1990, Rep. Lantos’ district has received approximately $1 million in grants from FHLBank San Francisco’s Affordable Housing Program, which awards grants to create affordable rental and homeownership opportunities for very low- to moderate-income households.
 
“We strongly believe that homeownership is the foundation for our family life and our neighborhoods," Mr. Alexander said. “Entire communities are often affected by whether housing is available and affordable. Homeownership that allows you to live and work in the same area is important for improving the financial stability of working families and strengthening community values."
 
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 also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by commercial banks, savings institutions, credit unions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.
 
Contact:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

© 2000-2008 Federal Home Loan Bank of San Francisco