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News ReleaseSeptember 14, 2007Rep. Napolitano and FHLBank San Francisco Host Affordable Housing Finance Workshop for San Gabriel Valley Local Housing Leaders and Developers Explore Creative Funding Options to Spur Housing Development in San Gabriel Valley and Surrounding Communities (Pomona, CA) – Rep. Grace Napolitano (D-CA) and representatives of the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) met with developers and housing leaders on Wednesday, September 12, 2007, to discuss financing options for housing development in San Gabriel Valley and surrounding communities. Pomona Mayor Norma Torres welcomed more than 85 attendees–including local developers, elected officials, and housing leaders–to the Pomona City Council Chambers for a half-day workshop designed to educate developers and affordable housing advocates about a variety of funding programs and financing sources. “We feel the need to share information about what is available from all segments of government and the private sector to meet the affordable housing needs in our communities,” Rep. Napolitano said. Napolitano also praised the efforts of the FHLBank San Francisco and its member financial institutions for their work in fostering public-private partnerships that have increased the supply of affordable rental and owner-occupied housing units in the district. Through its member financial institutions, FHLBank San Francisco offers a number of grant and loan programs geared towards helping developers generate new affordable housing units, as well as for families and individuals seeking to purchase homes. Dwight Alexander, FHLBank San Francisco Vice President and Director of Legislative and Regulatory Affairs, provided an overview of each of the Bank’s grant programs. These include the Affordable Housing Program (AHP), Individual Development and Empowerment Accounts (IDEA), Workforce Initiative Subsidy for Homeownership (WISH), and Access to Housing and Economic Assistance for Development (AHEAD) grants. Presentations on additional funding sources were also given by the U.S. Department of Housing and Urban Development, California Housing Financing Agency, Los Angeles County Community Development Commission, and the Campaign for Affordable Housing. Mr. Alexander noted that the Bank’s grant programs support a collective goal of ensuring that quality, affordable housing developments receive the necessary funding. He added, “By fostering an environment where public-private partnerships thrive, our member institutions help many families and individuals enjoy the American Dream of homeownership and live in communities where they can prosper, too.” About 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. The Federal Home Loan Bank of San Francisco is one of 12 regional banks in the FHLBank System, which is celebrating 75 years of service to members and communities this year. For more information, visit fhlbsf.com. Contact: Kevin Blackburn, 415.616.2572, blackbur@fhlbsf.com |
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