From: Maryann Beerling Thomas [mailto:mbthomas@nafi.us]
Sent: Tuesday, September 28, 2004 7:24 PM
To: Comments
Cc: Donald Taylor
Subject: Community Reinvestment -- RIN 3064-AC50
To Whom It May Concern:
The proposed CRA rule changes would have a devastating effect on
affordable housing investment in Arizona and elsewhere. This proposal
would eliminate the CRA exam threshold, from 45 of the 50 institutions
in Arizona. This would dry up the business now occurring in low-income
communities and put an inordinate demand on the remaining five financial
institutions that would still have the CRA exam threshold obligation.
This comes at a time when the affordable housing industry is a major
player in the Arizona market establishing emergency housing,and
transitional and permanent apartment housing as well as single family
housing. I believe that changes to the CRA requirements would have an
adverse affect on the affordable housing industry and in turn on the
Arizona economy. We do not support the proposed changes.
Maryann Beerling Thomas, Director
Planning & Development
New Arizona Family, Inc.
4222 East Thomas Road, Suite 150
Phoenix, Arizona 85018
602-553-7336 Office
480-241-1928 Cell
