Press Release

LAS VEGAS—The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and Rep. Shelley Berkley (D-NV) yesterday hosted a housing roundtable that discussed ways to make housing more affordable to Southern Nevada residents, and those wishing to move to the area.

With more and more families and individuals continuing a trend of making Nevada their home, a gathering of public officials, lenders, housing advocates, and developers offered ideas on how to increase the state’s housing supply, while ensuring that families and individuals from all income levels have adequate housing.

"Homeownership remains a cornerstone of the American dream, but unfortunately, steadily increasing real estate prices in southern Nevada have created serious barriers to affordable housing for many families," said Rep. Berkley. "In bringing together lenders, business leaders, and community representatives, we focused attention on the need for more affordable housing opportunities in the Las Vegas Valley, including programs to assist first-time buyers."

Rep. Berkley noted that she is working in Congress to increase support for the proposed National Affordable Housing Trust Fund Act, which would provide communities like Las Vegas with funds to help build, rehabilitate, and preserve 1.5 million affordable homes nationally over the next 10 years.

Dwight Alexander, Vice President of Legislative and Regulatory Affairs at FHLBank San Francisco, said the institution is making mortgage funds available in the state. Mr. Alexander said that in Rep. Berkley’s congressional district, which includes Las Vegas, there are 31 lenders belonging to the FHLBank San Francisco that originate loans. The member institutions write mortgage loans, hold those loans in portfolio rather than selling them on the secondary market, and then pledge the loans to FHLBank San Francisco as collateral to get advances to write more loans.

Further, Mr. Alexander also noted that Rep. Berkley’s district has received $7.6 million in grants from the FHLBank San Francisco’s Affordable Housing Program, which awards grants and below-market loans for single-family and multifamily projects targeting very low- to moderate-income households.

"We strongly believe that homeownership is the foundation for our family life and our neighborhoods,’’ Mr. Alexander said. "Entire communities are often affected by whether housing is available and affordable. Homeownership can offer financial stability to families, allowing them to gain wealth, make consumer purchases, and put their children through college.’’

At the roundtable, Mr. Alexander suggested that local governments might allow developers to increase the density of their housing projects in exchange for designating a certain number of units as affordable for low- and moderate-income residents. He also cited several programs run by FHLBank San Francisco that help first-time homebuyers. For instance, the Individual Development and Empowerment Account (IDEA) Program provides lower-income families up to $15,000 for downpayment and/or closing costs, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home. In addition, participants must complete a homeownership counseling program.

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 342 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

# # #