National Bank of Arizona/Salt River Pima-Maricopa Community Announce First Section 184 Housing Loan
PHOENIX, June 22 /PRNewswire-FirstCall/ -- National Bank of Arizona and the Salt River Pima-Maricopa Indian Community commemorated the first Section 184 home loan closing in partnership with the Salt River Community Housing Division during a ceremony earlier today. "National Bank of Arizona is pleased to be able to work with the Salt River Pima-Maricopa Indian Community and proud to assist more Arizonans achieve their home ownership goals," said Gisi. "Section 184 is a great program which razes the barriers for tribal homeownership and opens the doors to outstanding partnerships like this one." The Housing and Urban Development (HUD) Section 184 Indian Housing Loan Guarantee Program was established by Congress in 1994 to promote affordable housing opportunities to Native Americans. Section 184 offers home ownership opportunities to Native Americans by creating a leasehold estate on tribal lands. The eligible individual borrower leases the land property from the tribe on a lease approved by the Bureau of Indian Affairs (BIA) and HUD. The leasehold interest and the home are then mortgaged through a lender. This is the fourth Section 184 loan in the Salt River Pima-Maricopa Indian Community; however, it is the first loan closed in full partnership with the Salt River Community Housing Division. "We are pleased to extend housing opportunities for our members through our partnership with National Bank of Arizona," said Leonard Rivers, Vice President, Salt River Pima-Maricopa Indian Community. "This program allows community members to invest in homeownership through an affordable basis." National Bank of Arizona is the preferred lender of the Salt River Pima-Maricopa Indian Community Housing Division and has provided support and guidance in the areas of financial education and Individual Development Accounts (IDA). In addition, National Bank continues to be a statewide leader and a partner with Arizonans by providing affordable housing opportunities. In 1999, National Bank of Arizona became the first bank in Arizona to introduce an IDA. The IDA is designed to assist low-to-moderate income families in accumulating funds necessary to purchase their own home. National Bank of Arizona waives all fees and minimum balance requirements. The IDA also accrues interest and funds are matched by a participating agency at the end of the authorized time period. In 2002, National Bank was instrumental in paving the way for the first Section 8 mortgage in the state of Arizona in Yuma and also the first Section 8 in Metro Phoenix (Mesa). About National Bank of Arizona National Bank of Arizona, a wholly-owned subsidiary of Zions Bancorporation (Nasdaq: ZION), was founded in Tucson in 1984 as a community bank specializing in real estate, serving professionals, and meeting the needs of small and mid-sized Arizona businesses. Since that time, the bank has experienced dramatic growth becoming Arizona's fourth-largest bank with approximately $3 billion in assets. National Bank has also been named the Number One Bank in the state for the third consecutive year by, "Ranking Arizona: The Best of Arizona Business." National Bank has 51 offices in 36 communities throughout the state. For more information, visit National Bank online at: www.nbarizona.com. About Salt River Pima-Maricopa Indian Community The Salt River Pima-Maricopa Indian Community was created by Executive Order on June 14, 1879 by President Rutherford B. Hayes. The Community is located on 53,600 acres in Maricopa County, aside the boundaries of Mesa, Tempe, Scottsdale, Fountain Hills and Metro Phoenix. The Community population is more than 7,000 members.RELATED LINKS
SOURCE National Bank of Arizona
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