For Immediate Release
April 16, 2008
Local Contact: Paul B. Stull
Arizona State Credit Union
Telephone (602) 467-4062
Arizona State Credit Union, a Preferred Lender for Affordable Housing in Flagstaff, Arizona
Flagstaff Ariz. – Arizona State Credit Union is pleased to announce they are a preferred lender for the Rio Homes Development, an affordable housing community in Flagstaff, Arizona. This development project consists of providing 20% of the homes as affordable housing in Flagstaff for those households who fall below 80% of Area Median Income (AMI).
Partnering with business member, AZNorth Development, Inc., Arizona State Credit Union also provided construction loans for AZNorth to participate in the Rio Homes project which started its initial phase in 2003. With a growing demand for workforce housing, AZNorth and the City of Flagstaff continue to see a long waiting list develop with individuals who are qualified and seeking affordable housing in the greater Flagstaff area.
Out of the 24 units in the third phase of the Rio Homes Development, nine will be allocated for affordable housing. With deed restriction in place, these homes will remain a long term benefit to the community and offer affordable housing for future residents.
“Arizona State Credit Union is excited to grow this business relationship with AZNorth Development Inc. and to be part of the long term solution to provide affordable housing for residents of Flagstaff,” said David E. Doss, President/CEO of Arizona State Credit Union.
About Arizona State Credit Union
Arizona State Credit Union is a $1.1 billion full service not-for profit financial cooperative with a statewide branch network serving the people of Arizona. More than 130,000 Arizonans turn to Arizona State Credit Union for outstanding service and value. Founded in 1951, the Credit Union has grown dramatically and provides a full line of financial products at 22 offices across the state. Arizona State Credit Union is proud to be locally owned and operated and welcomes membership from both business and individual members.