Fed's Gramlich at the 30th anniversary of the NHSA

"While homeownership rates are at a record high, many individuals and families are still left out," Gramlich said in prepared remarks at an event honouring the 30th anniversary of Neighbourhood Housing Services of America.

"The consistent barrier is the need for down-payment assistance," said Gramlich, who serves as the chairman of the Neighborhood Reinvestment Corp.'s board.

The Neighborhood Housing Services of America, or NHSA, and Neighborhood Reinvestment Corporation are working to open up capital markets for nonconventional down-payment loans made by NeighborWorks organizations, Gramlich said.

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Remarks by Federal Reserve Governor Edward M. Gramlich at the 30th anniversary of the Neighborhood Housing Services of America, Washington, D.C 10 September, 2004.

Click here to read the introductory remarks on the Federal Reserve's web site