Community Services of Arizona Expresses Concern over Impact of Proposed Rule - Cites Negative Impact on Local Housing Market.CHANDLER Chandler, city (1990 pop. 90,533), Maricopa co., S central Ariz., in the Salt River valley; inc. 1920. It is both a residential community and a center for research and technology. Tourism is also important, and the San Marcos Golf Resort is in Chandler. , Ariz. -- The following statement, attributed to Brian Swanton, President, Community Services of Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , is in response to the Federal Housing Finance Board's 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. . "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 slash v. slashed, slash·ing, slash·es v.tr. 1. To cut or form by cutting with forceful sweeping strokes: slash a path through the underbrush. 2. 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. |
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