Tuesday, March 20, 2007

FHLBank San Francisco Assits Latino Homebuyers

FRESNO, Calif. — Rep. Jim Costa (D-20th CA) and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced on Saturday that an innovative financial literacy initiative is helping Latino families throughout rural California become homeowners.

The Spanish-language initiative, "Camino A Tu Casa" (Road to Homeownership), used radio broadcasts to reach prospective Latino homebuyers and follow-up workshops to educate them about the process of purchasing a house. Rep. Costa lauded the program at a Fresno event on Saturday, saying, "Through community outreach, the Federal Home Loan Bank of San Francisco and its partners have increased homeownership." Rep. Costa also said that, along with Chairman Barney Frank (D-MA) and other members of the U.S. House Committee on Financial Services, he would continue to advocate for greater housing opportunities for more people.

Although the program is in California, Federal Home Loan Bank of San Francisco members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada. It 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.

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