Arizona Affordable Housing Groups Oppose Proposed Rule - Cite Negative Impact to Local Housing Market.Rule Could Pass as Early as November 8(th) at Washington Meeting PHOENIX -- The following statements are in response to the Federal Housing Finance Board Federal Housing Finance Board (FHFB) US government agency chartered in 1989 to assume the responsibilities formerly held by the Federal Home Loan Bank system. proposed rule on excess stock restrictions and retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. requirements for the Federal Home Loan Banks Federal Home Loan Banks The institutions that regulate and lend to savings and loan associations. The Federal Home Loan Banks play a role analogous to that played by the Federal Reserve Banks vis-à-vis member commercial banks. , which may be approved on November 8th. "If passed, the proposed rule by the Federal Housing Finance Board could jeopardize the well-being of families, neighborhoods and entire communities in the greater Tucson area. Nearly 3,000 families and at least 50% of all affordable housing projects in Pima and Santa Cruz Santa Cruz, city, United States Santa Cruz (săn`tə kr  z), city (1990 pop. 49,040), seat of Santa Cruz co., W Calif., on the north shore of Monterey Bay; inc. 1866. have benefited from low-cost loans made available through the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutionsfinancial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and . We strongly oppose this rule, which could wipe out access to low-cost loans, shattering the dream of home ownership for thousands of local families." - Michael McDonald Michael McDonald may refer to:
"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%Coat 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." - Brian Swanton, President, Community Services of Arizona "Our organization provides health care and affordable housing solutions to Native Americans. We are grateful for Federal Home Loan Bank funding which, thanks to its flexibility, currently aids roughly 300 of the neediest Native American Connections' families, in terms of income, and has an even greater impact throughout Maricopa County. If the proposed rule were to pass, the viability of our mission to serve this community would be jeopardized. We say "NO" to the Federal Housing Finance Board's proposed rule on Excess Stock Restrictions and Retained Earnings Requirements for the Federal Home Loan BankCoit's the only way the hopes and dreams of Arizona families living in quality affordable housing through the generosity of the Federal Home Loan Bank system will continue." - Diana Yazze Devine, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Native American Connections |
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