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News Release
For Immediate Release
March 19, 2007
Rep. Costa, FHLBank San Francisco, Release Results of Financial Literacy Program, “Camino A Tu Casa”
Joint Initiative between Radio Bilingüe and ACORN Housing Increases Latino Homeownership
FRESNO, CA – Rep. Jim Costa (D-20th CA) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced on Saturday that an innovative financial literacy initiative is helping Latino families throughout rural California become homeowners.
The Spanish-language initiative, "Camino A Tu Casa," used radio broadcasts to reach prospective Latino homebuyers and follow-up workshops to educate them about the process of purchasing a house. Rep. Costa lauded the program at a Fresno event on Saturday, saying, “Through community outreach, the Federal Home Loan Bank of San Francisco and its partners have increased homeownership.”
Rep. Costa also said that, along with Chairman Barney Frank (D-MA) and other members of the U.S. House Committee on Financial Services, he would continue to advocate for greater housing opportunities for more people. The six-month project produced these results:
-
Generated 510 telephone inquiries
-
Spurred 383 callers to attend home-buying workshops
-
Created 67 first-time homeowners, with another 92 families in the home-buying process
FHLBank San Francisco and Rabobank underwrote the project, which was a collaborative partnership between ACORN Housing, a national nonprofit that provides free housing counseling to low- and moderate-income homebuyers, and Radio Bilingüe, a Spanish-language public radio network. Rabobank, a Dutch group that is a global leader in sustainable lending, has branches throughout central California.
Launched in September 2006 and concluded in February 2007, the program consisted of a talk radio series that aired on six Radio Bilingüe stations in Bakersfield, El Centro/Calexico, Fresno, Modesto/Stockton, Salinas and Laytonville. Topics included building credit, buying a home and guarding against predatory lending. Workshops followed in Fresno, Sacramento and San Jose. Additionally, printed materials were available through community-based programs.
Dwight Alexander, Vice President of Legislative and Regulatory Affairs at FHLBank San Francisco, cited the work of Rabobank, Radio Bilingüe and ACORN Housing as an example of how public private partnerships expand housing opportunities.
“The home-buying process is a daunting task for anyone and frequently is intimidating,” said Mr. Alexander. “With the help of partners such as ACORN Housing, Rabobank and Radio Bilingüe, FHLBank San Francisco is helping individuals—regardless of income, education level or cultural background—realize the dream of homeownership.”
Those benefiting from the program include Rose Mary Chacon, who called ACORN Housing after listening to a “Camino A Tu Casa” broadcast on a Radio Bilingüe station. “ACORN counseling helped me realized that I could be a homeowner,” Ms. Chacon said, adding that ACORN has helped her address credit issues and qualify for a loan.
Since 1990, FHLBank of San Francisco programs and initiatives have provided more than $51.2 million in affordable housing grants, creating 5,388 new owner-occupied units throughout California.
“FHLBank of San Francisco believes that homeownership provides the foundation for strong family life and strong neighborhoods,’’ said Mr. Alexander. “Homeownership builds strong communities and improves the financial stability of working families.”
And Rep. Costa, added, “At the end of the day, homeownership has created the large middle-class that we have today. As they celebrate its 75th anniversary, the Federal Home Loan Bank has been a significant contribution to this reality.”
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.
– 30–
Contact: Kevin Blackburn, (415) 616-2572
blackbur@fhlbsf.com
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News Release
For Immediate Release
March 19, 2007
Rep. Costa, FHLBank San Francisco, Release Results of Financial Literacy Program, “Camino A Tu Casa”
Joint Initiative between Radio Bilingüe and ACORN Housing Increases Latino Homeownership
FRESNO, CA – Rep. Jim Costa (D-20th CA) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced on Saturday that an innovative financial literacy initiative is helping Latino families throughout rural California become homeowners.
The Spanish-language initiative, "Camino A Tu Casa," used radio broadcasts to reach prospective Latino homebuyers and follow-up workshops to educate them about the process of purchasing a house. Rep. Costa lauded the program at a Fresno event on Saturday, saying, “Through community outreach, the Federal Home Loan Bank of San Francisco and its partners have increased homeownership.”
Rep. Costa also said that, along with Chairman Barney Frank (D-MA) and other members of the U.S. House Committee on Financial Services, he would continue to advocate for greater housing opportunities for more people. The six-month project produced these results:
-
Generated 510 telephone inquiries
-
Spurred 383 callers to attend home-buying workshops
-
Created 67 first-time homeowners, with another 92 families in the home-buying process
FHLBank San Francisco and Rabobank underwrote the project, which was a collaborative partnership between ACORN Housing, a national nonprofit that provides free housing counseling to low- and moderate-income homebuyers, and Radio Bilingüe, a Spanish-language public radio network. Rabobank, a Dutch group that is a global leader in sustainable lending, has branches throughout central California.
Launched in September 2006 and concluded in February 2007, the program consisted of a talk radio series that aired on six Radio Bilingüe stations in Bakersfield, El Centro/Calexico, Fresno, Modesto/Stockton, Salinas and Laytonville. Topics included building credit, buying a home and guarding against predatory lending. Workshops followed in Fresno, Sacramento and San Jose. Additionally, printed materials were available through community-based programs.
Dwight Alexander, Vice President of Legislative and Regulatory Affairs at FHLBank San Francisco, cited the work of Rabobank, Radio Bilingüe and ACORN Housing as an example of how public private partnerships expand housing opportunities.
“The home-buying process is a daunting task for anyone and frequently is intimidating,” said Mr. Alexander. “With the help of partners such as ACORN Housing, Rabobank and Radio Bilingüe, FHLBank San Francisco is helping individuals—regardless of income, education level or cultural background—realize the dream of homeownership.”
Those benefiting from the program include Rose Mary Chacon, who called ACORN Housing after listening to a “Camino A Tu Casa” broadcast on a Radio Bilingüe station. “ACORN counseling helped me realized that I could be a homeowner,” Ms. Chacon said, adding that ACORN has helped her address credit issues and qualify for a loan.
Since 1990, FHLBank of San Francisco programs and initiatives have provided more than $51.2 million in affordable housing grants, creating 5,388 new owner-occupied units throughout California.
“FHLBank of San Francisco believes that homeownership provides the foundation for strong family life and strong neighborhoods,’’ said Mr. Alexander. “Homeownership builds strong communities and improves the financial stability of working families.”
And Rep. Costa, added, “At the end of the day, homeownership has created the large middle-class that we have today. As they celebrate its 75th anniversary, the Federal Home Loan Bank has been a significant contribution to this reality.”
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.
– 30–
Contact: Kevin Blackburn, (415) 616-2572
blackbur@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
News Releases