PHOENIX, April 19, 2023 (GLOBE NEWSWIRE) — Officials, academics and the construction industry participated in a broad discussion on access to homeownership at the Federal Home Loan Bank of San Francisco’s (FHLBank San Francisco) Fourth Homeownership Solutions Summit in Arizona part Experts, affordable housing practitioners, local lenders and other stakeholders argued that strategies and investments that create new opportunities for quality jobs must be a crucial part of the equation for increasing home ownership.
“To strengthen communities for Arizona residents, we must expand the supply of affordable housing,” said Teresa Bryce Bazemore, President and CEO of FHLBank San Francisco. “But we also need to address the other side of the equation. We must do more to ensure people have quality jobs and the economic security of family to buy, maintain and keep their homes.”
Noting the importance of affordable housing for communities and for families and individuals who can afford to buy homes, Bazemore added, “By bringing stakeholders together to share valuable information, insights and experiences from working with communities, FHLBank San Francisco helps create opportunities for individuals and families to achieve their living and home ownership goals. We want to help more families enjoy the American dream of home ownership.”
The Phoenix event, held March 23, was the final installment of FHLBank San Francisco’s four-city 2022-2023 Homeownership Solutions Summit Series. The gatherings have each brought together stakeholders from the housing and mortgage finance industries to share ideas, explore best practices and coordinate public and private collaboration to meet urgent demands for access to affordable housing and equal homeownership opportunities. Summits were also held in Los Angeles, California, Reno, Nevada, and Sacramento, California. Regional experts met to address the homeownership challenges facing each city, with a particular focus on removing structural barriers in the mortgage financing industry, housing supply and examining the challenges and opportunities of installment assistance programs.
According to a recent report, 38.1% of new and existing homes sold in the fourth quarter of 2022 were deemed affordable for middle-income U.S. families, indicating a worrying decline in housing affordability both in Arizona and nationally . Stakeholders agreed that creating pathways to high-paying construction jobs through programs such as apprenticeships can empower individuals from underserved communities to enter growth industries, ultimately increasing their chances of sustainable home ownership as they invest in building Contribute to housing where it is most needed.
“By providing robust education and career programs, investing in younger generations, and supporting rehabilitation initiatives, we can expand the pool of qualified job applicants and get closer to achieving and maintaining home ownership,” said Joan Serviss, director of the Arizona Department of Housing. “By nurturing talent and equipping individuals with the skills they need to succeed, we can ensure everyone has an equal opportunity to achieve their housing goals.”
Key topics covered in the Summit presentations and discussions included:
- Innovative ideas to increase the pool of candidates from underserved communities who are qualified for quality jobs
- How Greater Diversity in the Banking and Mortgage Finance Industry Can Promote Racial Justice in Affordable Housing and Homeownership
- Promising solutions to the most common problems homeowners are at risk of losing their home
For more information on how FHLBank San Francisco strengthens communities and transforms lives by investing in affordable housing, advancing solutions to the racial homeownership and wealth gap, and boosting economic vitality initiatives in underserved communities, visit www.fhlbsf.com .
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-run cooperative that helps local lenders in Arizona, California and Nevada build strong communities, create opportunity and transform lives for the better. The tools and resources we make available to our member financial institutions—commercial banks, credit unions, commercial credit unions, savings institutions, insurance companies, and community development financial institutions—encourage home acquisitions, expand access to quality housing, fuel economic growth, and revitalize whole neighborhoods . Together with our members and other partners, we transform lives and make the communities we serve more vibrant, just and resilient.
