Press Release

Chico, CA—The Federal Home Loan Bank of San Francisco and U.S. Rep. Wally Herger (R-CA) hosted a meeting of lenders, developers, housing activists, realtors, and county and city elected officials last week to discuss ways to increase the supply of affordable housing in the Chico area.

Housing costs in Chico have increased approximately 20% a year for the last four years, while the housing supply has not kept up with demand.

Participants talked about the need to better balance the demand for housing and environmental concerns, which have delayed the construction of housing units that are already in the pipeline. For instance, Tony Symmes, president of Aspire Homes, an affordable housing developer, said that he has a 40-unit development that has been started, but cannot be completed until it receives some environmental approvals.

"Affordable housing is one of our biggest challenges in California," said Rep Herger. Unfortunately, he said, environmental activists hold down "supply by halting new development at every turn. The American dream of homeownership is suffocating from government interference and over-regulation. It’s hard to have affordable housing without the housing."

Further, Rep. Herger said he enjoyed participating in the meeting with the Bank. "I look forward to continuing a good relationship working with the Federal Home Loan Bank of San Francisco," Rep. Herger said.

Others attending the meeting included Jolene Francis, Sr., vice president of Tehema Bank; Rick Smith, president of Tri Counties Bank; Al Beck, an environmental analyst; Michael McGinnis, executive director of ARC of Butte County; Jose Ascensio, of Merrill Lynch; David Ferrier, executive director of C.H.I.P.; Janet Olsen, vice president, Butte Community Bank; Tom Dwyer of Merrill Lynch; Patrick Reid, director of the University of Arizona’s School of Natural Resources; Rodney Krebs, president-elect of the Chico Association of Realtors; Gregg Webb, president of Webb Homes; Mary Anne Houx, Butte County Supervisor; Jim Goodwin, CEO of the Chico Chamber of Commerce; Grace Mejia of Wells Fargo; and Rick Coletti and Jason Bougie of the Building Industries Association.

Dwight Alexander, a vice president at the Bank, said that the Bank’s financial institution members want to help increase homeownership in Chico. "We have funds available through our members to provide mortgage loans to homebuyers in Chico," Mr. Alexander said. "Chico has a large number of families and individuals who want to purchase homes. The missing component in the housing equation is the availability of homes for them to purchase. The Bank’s intent in bringing all the stakeholders to the table is to help facilitate the development of solutions that will address the housing needs of the Chico Community."

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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