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Shelter, security, quality of life, economic
opportunity—a home can contribute so
much to our lives. The mission of the
Federal Home Loan Bank of San Francisco
is to enable families and individuals of all
income levels to obtain quality housing
and become homeowners. To accomplish
this mission, we tap the global capital
markets to provide our member financial
institutions with reliable, low-cost credit
to meet the diverse housing finance
needs of the communities they serve.
This is what we do.
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“ In recent years, home prices have become
less affordable, so the multifamily properties
we finance are even more important to
moderate-income families,” says Donavon
Ternes. Provident uses Bank advances to
help it manage the interest rate risk inherent
in its mortgage lending activities. He adds,
“The Bank will continue to be an integral
part of our funding strategy.”
For over 50 years, Provident Savings Bank
has been providing mortgage credit to the
communities of the Inland Empire in Southern
California, one of the fastest growing regions in
the nation. Provident addresses the affordability
issues facing Californians with a range of
solutions, including innovative mortgage
products and an increased focus on multi-
family lending.
Provident Savings Bank, Riverside, California
DONAVON TERNES, EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
“ From an interest rate risk management
perspective, the Bank is invaluable to
us because it is one of the few sources
of long-term funding for a financial
institution of our size.”
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Three projects sponsored by Bank of Nevada
have been awarded Affordable Housing Program
grants totaling $883,067 to create 176 rental
homes for very low- to moderate-income house-
holds. “We have always taken a lot of pride in
our community involvement,” says Mr. H