U.S. Rep. Jimmy Panetta Joins FHLBank San Francisco to Address Affordable Housing Crisis in Greater San José Area

Roundtable participants report housing is among the most pressing issues in the region

/EIN News/ -- SAN FRANCISCO, July 29, 2024 (GLOBE NEWSWIRE) -- Committed to prioritizing solutions for the affordable housing crisis in California and the greater San José area, U.S. Rep. Jimmy Panetta (CA-19) hosted a roundtable discussion with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) at the Blossom Valley Senior Apartments in San José on Friday, July 26. Joined by San José city councilmembers, Arjun Batra and Sergio Jimenez, as well a representative from San José Mayor Matt Mahon’s office, the roundtable brought together leaders in affordable housing, community organizations, financial institutions, and other stakeholders throughout the area to discuss how organizations and public-private partnerships across government agencies could play a pivotal role in solving the housing crisis in California.

“Housing affordability is a top concern for families in South San José and across California’s 19^th Congressional District,” said Rep. Panetta. “Today’s roundtable with housing leaders in our community and agencies at the federal, state, and local levels was a critical gathering upon which we can strengthen the partnerships needed for an all-hands-on-deck approach to tackling our affordable housing issues. There’s more to be done, and I hope to ensure that the federal government plays its part through my bipartisan legislation to expand workforce housing, increase the capital gains tax exemption on home sales, provide more vouchers for low-income housing, and encourage first-time homebuyers so that working families can not only have a place to call home, but also be able to call our community home.”

“California is ground zero for the housing affordability crisis across the nation, and it will take continued focus and strategic partnerships in our communities to tackle these issues,” said Alanna McCargo, president and chief executive officer of FHLBank San Francisco. “We appreciate Congressman Panetta’s dedication to addressing the affordable housing crisis in his district and for convening this diverse group of community leaders committed to collaborative solutions. For decades, FHLBank San Francisco has been enabling equitable and sustainable homeownership, and we will continue to provide resources and foster partnerships that work to ensure California residents have access to affordable housing.”

With the support of its member institutions, FHLBank San Francisco recently announced that its 2024 Affordable Housing Program has awarded $49.3 million to support affordable housing initiatives in California, including a project in Atascadero, within Rep. Panetta’s district. The Del Rio Ridge housing project in Atascadero was awarded $820,000 to help build 41 units of affordable housing. The project will have one-, two- and three-bedroom units, with nine units reserved for the unhoused. Residents will have access to amenities including a large community room with a kitchen, multipurpose room, laundry facilities, restrooms, and office space for the onsite manager and resident supportive services. Outdoor amenities include a courtyard with children's play equipment and a basketball court.

“I agree with Congressman Panetta that there is more to be done, including streamlining processes among all levels of government,” said San José Councilmember Arjun Batra. “On a local level, facilitating policies that remove barriers to housing development and reduce the permitting and building timeline, for example, will contribute to housing affordability.”

“I am committed to supporting housing projects in San José and being part of affordable housing solutions,” said San José Councilmember Sergio Jimenez. “I appreciate the collaboration at today’s roundtable and look forward to joining forces with leaders in both public and private sectors to make a broader impact."

In addition to Congressman Panetta, San José City Council members Batra and Jimenez, and senior members of FHLBank San Francisco, attendees included:

• Vince Rocha, San José Mayor's Office
• Ali Sapirman, Housing Action Coalition
• Andy Lief, Charities Housing
• Greg Kepferle, Catholic Charities of Santa Clara County
• Joe Brown, Santa Clara Associations of REALTORS
• Mark J. Mikl, Charities Housing
• Michael Smith, Bay Federal Credit Union
• Michelle Perry, Santa Clara Associations of REALTORS
• Neil Collins, Santa Clara Associations of REALTORS
• Regina Celestin Williams, SV@Home

FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region, including Arizona, California, and Nevada. 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, 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 the Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-owned cooperative supporting local lenders in Arizona, California, and Nevada to 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 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