LOS ANGELES, Feb. 22, 2024 (GLOBE NEWSWIRE) -- In a significant effort to address the pressing issue of housing affordability in Los Angeles, Congressman Jimmy Gomez (CA-34) joined with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) for a roundtable discussion today in Los Angeles. The roundtable – which brought together leaders in affordable housing, community organizations, financial institutions, and others across the state – is an important step in identifying the issues and providing resources to support residents facing unprecedented housing challenges.
“Angelenos are facing skyrocketing rents just as the median prices of homes are increasing, so gatherings like today’s, which bring stakeholders together to discuss how to design, fund and build more affordable housing units, are needed more than ever,” said Congressman Gomez. “I am proud of what my office has done to use federal dollars to fund affordable housing projects in Los Angeles. Since 2022, I’ve secured over $12 million in funding for affordable housing projects in our district, including recently providing $1.5 million for Little Tokyo Service Center’s project, billed as one of the largest 100 percent affordable housing developments in the City of Los Angeles, which will include 248 affordable housing units. I look forward to working with today’s participants and entities like the Federal Home Loan Bank of San Francisco to do more to tackle Los Angeles’ housing crisis.”
Rep. Gomez is an advocate for housing reform, including emphasizing the shortfall in affordable rental units and the critical need in transitional supportive housing available to provide shelter for unhoused people in Los Angeles and across the nation. He is the chair and founder of the first-ever Congressional Renters Caucus, a platform for lawmakers to collaborate on legislation and engage in dialogue on issues impacting the more than 44 million households nationwide living in rental accommodations. In August of last year, he led nine other members of Congress on a letter to federal banking regulators urging action to incentivize conversion of empty commercial real estate to create affordable housing, rather than allowing these properties to remain unused and a burden on the financial system.
"We are intently focused on helping to solve the affordable housing crisis in Los Angeles,” said Teresa Bryce Bazemore, president and chief executive officer of FHLBank San Francisco. “By fostering dialogue at community roundtables and building commitments with our partners in the community, we can make a difference in the lives of those who are currently grappling with the challenge of finding an affordable place to call home in the communities we and our members serve."
The Affordable Housing Program (AHP) is a core component of FHLBank San Francisco’s overall mission of partnering with its member institutions to make communities more vibrant, equitable, and resilient. Since 1990, the Bank has awarded $1.3 billion in AHP grants to construct, preserve, or purchase over 150,000 units of quality rental and owner-occupied affordable housing.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
