Community Services of Arizona Expresses Concern over Impact of Proposed Rule - Cites Negative Impact on Local Housing Market
September 25, 2006 · By Bill Austin
Community Services of Arizona Expresses Concern over Impact of Proposed Rule - Cites Negative Impact on Local Housing Market
CHANDLER, Ariz
Sept. 21, 2006–The following statement, attributed to Brian Swanton, President, Community Services of Arizona, is in response to the Federal Housing Finance Board’s proposed rule on excess stock restrictions and retained earnings requirements for the Federal Home Loan Banks.
“The Federal Home Loan Bank is one of the most crucial sources of funding for affordable housing in Arizona. Most of the families we work with are at or below the 50% median income level for the state. This group often falls through the cracks of federal aid. Without these monies, our total production of new housing developments could be slashed by 50%–at a time when home building costs are skyrocketing.
Community Services of Arizona opposes the Federal Housing Finance Board’s proposed rule on Excess Stock Restrictions and Retained Earnings Requirements for the Federal Home Loan Banks.”
To discuss how this rule could impact families in Arizona, contact Emily Porro at 212-446-1874, who can put you in touch with Community Services of Arizona.
Comments
We encourage visitor participation by posting comments to articles on this site. By submitting comments, you agree to adhere to EVLiving's Terms of Service.
You must be logged in to post a comment.