Press Release

TUCSON, AZ – U.S. Rep. Raul Grijalva (D-AZ) and officials from the Federal Home Loan Bank of San Francisco Bank today met with area housing and mortgage professionals to discuss ways to overcome obstacles to increasing homeownership in Southern Arizona.

The roundtable discussion allowed the Bank officials, representatives from its member financial institutions, and business leaders to share their recommendations with Rep. Grijalva, who is seeking to increase homeownership opportunities for his constituents.

"The dream of homeownership for a number of families is within reach and they don’t even realize it. It’s our responsibility to remove barriers so that every family has an opportunity to purchase a home," said Rep. Grijalva, noting that families and their communities benefit from higher homeownership rates.

Among the problems discussed were increased housing prices associated with higher demand, the lack of access to mortgage loans, and the need for making available more information on affordable housing programs. Overall, home ownership rates in Arizona are at about the national average of 67%, but Rep. Grijalva remains concerned about some constituents, particularly low-income residents, who are seeking to become first-time homebuyers.

Bank officials discussed several programs to help working families achieve homeownership. The programs include the Individual Development and Empowerment Account (IDEA) Program, which is a matching savings program that provides 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 dollars. In addition, participants must complete a homeownership counseling program.

"With initiatives such as the IDEA Program, we are a committed partner to ensuring that everyone has equal access to affordable housing," said Dwight Alexander, Vice President, Director of Legislative Affairs at the Bank. "By aggressively addressing these challenges and working together, we can form private-public partnerships that can provide families with guidance and assistance they need to become homeowners.’’

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 337 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Dwight Alexander, (415) 616-2678
alexandd@fhlbsf.com

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