2/4  BIS central bankers' speeches  Second, innovative financing models to fund affordable housing projects should be further developed. Current intervention measures largely focus on subsidising home-buyers or the direct provision of housing. Over the longer term, these need to be complemented by new, more sustainable alternatives that combine public and private funding for affordable housing development and investment. In other parts of the world, public-private partnerships through joint ventures have replaced traditional methods of financing for the supply of public housing. Public funding could also be deployed more efficiently to crowd in private capital for affordable housing developments – for example, by providing cost-efficient funding to institutions that finance affordable housing projects. Regardless of the measure, it will be crucial to build in mechanisms that promote programme efficiency and effectiveness. These include business models that are based on sound commercial principles, good governance and appropriate risk management strategies. Schemes introduced could specify minimum technical standards, execution guarantees and other conditionalities for financing or payment. ‘Social impact bonds’ – which have gained interest in some countries such as the United Kingdom, United States, and Australia – are a useful example. These investment structures operate on a “pay-for-success” model, where the Government repays the costs of a programme plus a return, only if pre-defined social outcomes are achieved. Third, there is a need to foster more diverse collaborative partnerships to deliver affordable housing. This includes a vibrant community of social housing enterprises, private foundations and non-profit organisations that support or complement the Government’s affordable housing agenda.

  In Texas, 38 percent of the population is Hispanic versus 16.3 percent in the U.S.    “Jose” has been the top male baby name in Texas every year since 1996, when it replaced “Michael” and “Christopher.” We are the only state in the union with a Latino baby name ranked number one. Those are some basic facts. Here are some others for you to consider: For the past 20 years, the Eleventh Federal Reserve District – in which 96 percent of the economic output is generated by Texas – has outgrown the rest of the Federal Reserve districts and the United States by significant margins. We have grown our real – or inflationadjusted output (real state gross domestic product) – by 3.6 percent compounded over 20 years, whereas the rest of the U.S. (real gross domestic product) has grown at 2.5 percent compounded; annual job growth in Texas has outpaced the nation by 1 percentage point a year; population growth within Texas has compounded over the past two decades by 2 percent per annum, versus 1.1 percent for the rest of the nation. We now have the second-largest Congressional delegation in the country behind California. But the growth dynamic here is vibrant, whereas that of California is stagnant. This is why we are picking up population and Congressional seats, while the recent U.S. census apportioned no additional seats to California. In sum, we are a vibrant and strong economy.