Low Homeownership Rates Addressed
June 10, 2002
Bank, Lawmaker Outline Homeownership Challenges Minorities Face In Orange County
Inman News Features
The Federal Home Loan Bank of San Francisco and Rep. Loretta Sanchez (D-Calif.) today at the U.S. Department of Housing and Urban Development's 3rd Annual Orange County Affordable Housing Conference outlined the challenges working minority families in Orange County, Calif., confront in their search for affordable housing.
During a panel discussion, the lawmaker and a FHLBSF representative addressed low homeownership rates among minority and underserved communities, reasons some people have trouble obtaining credit, and ways to create more homeownership opportunities in Orange County.
"The median price of a home in Orange County is over $300,000," said Sanchez. "With home prices so high, only one-third of county households can afford to realize the American Dream of homeownership. This housing crisis disproportionately impacts minority and underserved communities who traditionally experience homeownership at lower rates."
Latinos and African Americans are the largest minority groups in the U.S., yet only 47.3 percent of Latinos and 47.7 percent of African Americans are homeowners, while the white homeownership rate is 71.6percent, according to the FHLBSF.
FHLBSF 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 builds neighborhoods and communities. As of December, the FHLBSF had $102 billion in outstanding loans to its members.
Copyright: Inman News Service