U.S. Rep. Lou Correa Joins FHLBank San Francisco to Address Affordable Housing Crisis in Orange County

Affordability, homelessness among key issues in the region

/EIN News/ -- SAN FRANCISCO and SANTA ANA, Calif., Feb. 28, 2025 (GLOBE NEWSWIRE) -- With intent on identifying practical solutions for the growing affordable housing and homelessness crisis in Orange County, U.S. Rep. Lou Correa, (CA-46) hosted a roundtable discussion with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today in Santa Ana, California. The roundtable brought together affordable housing leaders, community organizations, financial institutions and other stakeholders throughout the area to discuss how organizations and public-private partnerships could play a pivotal role to delivering solutions to address the housing crisis in the region.

“Homeownership is an essential part of the American Dream and represents a tangible pathway for middle-class families in our community build generational wealth,” said Rep. Lou Correa. “Too many families in Orange County struggle to afford housing and make ends meet, which is causing an increase in unhoused people. This roundtable brings together local housing partners that also seek to increase housing supply and make real progress in housing our communities.”

Rep. Correa has a history of leading on issues related to affordable housing and has secured millions in federal funding for local projects that support affordable housing development, advance homeownership for first time homebuyers and expand supportive housing options. By teaming up with FHLBank San Francisco and its members, he is working to find practical solutions to the local housing crisis.

We are proud to collaborate with Representative Correa, a long-standing leader with a clear understanding of how complexities surrounding the local housing and real estate market are impacting middle- and lower-income people and families," said Joe Amato, interim president and chief executive officer, and chief financial officer of FHLBank San Francisco. "We are partnering with community organizations, housing leaders and our member financial institutions to help turn ideas into action to create more affordable housing solutions."

Congressman Correa serves as Chair of the Congressional Real Estate Caucus, a bipartisan group focused on housing and real estate policy. He has been a strong advocate for increasing affordable housing options and addressing homelessness in California, supporting policies that expand federal housing assistance programs and streamline funding for local housing initiatives. He also worked on legislation to speed up disaster relief funds provided by the Federal Emergency Management Agency (FEMA), delivered millions of dollars in federal grant funding to his district to support neighborhood improvements and ensured sustainable access to water for his district amidst climate change.

Since 2015, FHLBank San Francisco has awarded over $7.5 million in Affordable Housing Program (AHP) grants to support a range of projects in Orange County. Last year, FHLBank San Francisco funded $1.6 million for affordable housing projects in Orange and Placentia that helped create over 100 affordable housing units; and statewide more than $49 million in AHP grants were awarded through its member financial institutions to help address and expedite solutions to California's affordable housing crisis.

Attendees at the roundtable included:

• Congressman Lou Correa (CA-46)
• Laura Archuleta, Jamboree Housing
• Jeff Ball, Orange County Business Council
• Alfonso Ceja-Villa, Habitat for Humanity Orange County
• Cesar Covarrubias, Kennedy Commission
• Dr. Pooja Bhalla, Illumination Foundation
• Jordan Hoiberg, Illumination Foundation
• Noerena Limon, Casitas Coalition
• Brenda Magaña, NeighborWorks Orange County
• Margarita Muniz, Orange County Community Housing Corporations
• Gabriel Orozco, Santa Ana Credit Union
• Melissa Pederson, Wescom Credit Union
• Letty Plascencia, Orange County Community Housing Corporations
• Grace Ruiz-Stepter, Anaheim Housing Authority
• Greg Ward, Federal Home Loan Bank of San Francisco
• Jeremy Empol, Federal Home Loan Bank of San Francisco
• Anabel Cuevas, Federal Home Loan Bank of San Francisco
  

FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region, including Arizona, California, and Nevada. Since the Affordable Housing Program (AHP) was created in 1990, FHLBank San Francisco has awarded over $1.35 billion in AHP grants to support the construction, rehabilitation, or purchase of over 154,600 homes affordable to lower-income households, including $61.8 million in 2024 alone. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.

About 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.

Contact:
                    Tom Flannigan
                    Tom.flannigan@fhlbsf.com
                    415-616-2695