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Press ReleaseFor Immediate ReleaseMarch 24, 2006 FHLBank San Francisco, Rep. Matsui Host Roundtable To Discuss Housing Affordability Issues in Sacramento Area Sacramento – Citing a need to increase opportunities for first-time homebuyers, the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Rep. Doris O. Matsui (D-CA) yesterday hosted a roundtable discussion to address ways to create more housing affordable for working families in the Sacramento area. The event brought together local public officials, lenders, housing advocates, and developers to discuss factors in rising housing and rental prices. Over the past four years, Sacramento housing prices have spiked as the median home price has increased from $175,000 to $373,000. Factors cited included current land use policies and housing shortages. “Owning a home is a quintessential part of the American Dream and we must ensure it is not placed out of reach for some,” said Rep. Matsui. “That is why it was helpful to hear from those in our housing community - including affordable housing advocates - about what they are doing to not only ensure affordability, but to increase homeownership in Sacramento. Homeownership has many residual benefits, from helping families create wealth and benefiting their children’s education to reducing crime. I was pleased that the Federal Home Loan Bank of San Francisco hosted this roundtable discussion. It is by working together that we can keep Sacramento a strong and vibrant community.” Representatives from various organizations agreed that more collaboration is needed among local government, nonprofit organizations, and housing developers to ensure affordable homes and rental units. Ideas proposed included homeownership tax credits and employee assistance programs to help renters save for mortgage downpayments. Larry Parks, Senior Vice President, External and Legislative Affairs, noted that the FHLBank San Francisco’s Affordable Housing Program (AHP) is one example of public-private collaborations that help increase access individuals and families have to quality affordable housing. “Our AHP allows us to work with housing agencies, developers, and public officials to foster collaborations that increase the number of affordable housing developments.” Designed as a flexible, competitive funding source, the AHP provides grants and below-market loans to develop and rehabilitate single-family and multifamily projects targeting very low- to moderate-income households. Member financial institutions, in partnership with community-based housing sponsors, submit applications for specific projects and programs twice a year. Since the program’s inception in 1990, the FHLBank San Francisco has awarded nearly $8 million in AHP grants to 31 projects creating 1,382 rental units and 149 new homes in Rep. Matsui’s district, which includes the city of Sacramento and parts of its surrounding communities. “Increasing the supply of affordable homes and rental units is essential to building better neighborhoods and communities,” Mr. Parks said. “By working together to identify the challenges and opportunities, we can make the American dream of homeownership a reality for families across our state and in communities nationwide.” The Federal Home Loan Bank of San Francisco 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's members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada. Contact: Dwight Alexander, (415) 616-2678 alexandd@fhlbsf.com |
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