Arizona Bank announces Federal Home Loan Bank of San Francisco Affordable Housing Program grant of $60,000 to Desert Home Project of Tucson Urban League

Business Wire, July 17, 1995

TUCSON, Ariz.--(BUSINESS WIRE)--July 17, 1995--The Tucson Urban League was awarded a $60,000 grant through the Affordable Housing Program of the Federal Home Loan Bank of San Francisco.

The Tucson Urban League is one of 43 non-profit organizations in the United States to be awarded such a grant.

As a member of the Federal Home Loan Bank, Arizona Bank, the largest independently-owned and locally-managed bank in Arizona sponsored the Tucson Urban League's application for the grant under the Affordable Housing Program. Arizona Bank will provide the Tucson Urban League with financing to construct 10 low-cost, energy-efficient affordable homes through a local development project known as Desert Homes, while the Federal Home Loan Bank grant will be used as down payment assistance.

Desert Home is a newly designed home construction program that provides modern style architecture with an emphasis on minimizing utility costs. The energy-efficiency of a typical Desert Home will allow homeowners to pay a maximum of $24, $25.50, and $36 per month in gas, water, and electric bills respectively. The home is designed to be both affordable to buy and operate.

The $60,000 grant awarded to the Tucson Urban League will be used to provide affordable housing for low and very low income applicants with incomes at or below 80 percent of the average median income level of Pima County. For example a family of four can earn up to $28,650 per year to qualify.

For more information on obtaining a Desert Home contact the Tucson Urban League housing office at 520/882-4872.

CONTACT: Arizona Bank, Tucson

Paul Richman, 520/620-3220