SAN FRANCISCO, July 19, 2023 (GLOBE NEWSWIRE) -- Teresa Bryce Bazemore, President and CEO of The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), in a keynote speech today at the 25th Anniversary of the African American Credit Union Coalition’s (AACUC) Annual Conference in Atlanta, Georgia, applauded the credit union industry for its support in closing the racial homeownership and wealth gap. Bazemore’s speech was titled, Advancing Racial Equity: Increasing Homeownership and Wealth Building.
“It’s an honor to address the African American Credit Union Coalition today to share the commitment and work we’re doing at the Federal Home Loan Bank of San Francisco to advance racial equity across the homeownership landscape. Supporting homeownership for all has been a core mission of the Federal Home Loan Bank System for more than 90 years and credit unions have played a pivotal role in empowering the communities we serve,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “I applaud the AACUC for their bold, mindful, and dedicated commitment to advancing racial equity and promoting financial inclusion. Together, we can build a future where every family has an equal opportunity to achieve their dreams of homeownership and economic prosperity.”
FHLBank San Francisco directs a minimum of 10% — and up to 15% — of its net profits each year for grants and funding to support affordable housing, homeownership, and economic development throughout their region of Arizona, California, and Nevada. Bazemore’s speech gave a detailed overview of the impact this funding has had on expanding racial equity in homeownership, supporting underserved communities, and boosting upward mobility. Some highlights include:
- FHLBank San Francisco changes lives for millions by providing liquidity to members to sustain the overall housing market and drive economic vitality within their communities while expanding access to affordable housing and homeownership.
- Since 1990, the Affordable Housing Program (AHP) at FHLBank San Francisco has awarded $1.14 billion in grants for the creation and preservation of 141,000 housing units for lower-income families and individuals across Arizona, California, and Nevada, as well as other areas where their members do business.
- Also, as part of the Affordable Housing Program, FHLBank San Francisco has disbursed $141 million in downpayment assistance grants to help nearly 10,000 families and individuals overcome systemic barriers to homeownership.
- In 2022, FHLBank San Francisco invested $1.5 million in a Racial Equity Accelerator collaboration with the Urban Institute, a research and development initiative aimed at addressing and closing the racial disparities in homeownership and wealth building.
- Understanding that knowledge is power, the FHLBank San Francisco introduced a $1 million matching grant program called Empowering Black Homeownership to ensure that homebuyers and homeowners of color have equal access to the information needed to purchase or sustain homeownership.
The mission of the FHLBank of San Francisco is to provide their financial institution members — including 155 credit unions — with reliable access to low-cost liquidity, essential financial services and expertise, and resources for affordable housing and economic development. This longstanding commitment makes communities more vibrant, equitable, and resilient through a variety of community programs, including homeownership initiatives.
Founded in 1999, the AACUC works to promote and foster financial inclusion and professional development for credit union members dedicated to closing the racial wealth gap. The five-day ‘Legacy’ themed conference brings together credit union professionals from all levels of their organizations, as well as members of other financial institutions and relevant stakeholders. With a focus on DEI, attendees are offered training, networking, and educational opportunities to help foster inclusivity within the credit union community.
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.
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