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GMAC Lender for 250 Homes

January 26, 1986

General Motors Acceptance Corp., best known for financing cars, is providing mortgage financing through a new subsidiary for Desert Valley Homes, a 250-unit development of factory-built, single-family houses in Thousand Palms.

Built by Fuqua Homes Inc., Corona, the two- three- and four-bedroom houses range in size from 960 to 1,507 square feet and are priced from $58,990 to $67,990, according to Peter Richardson, a partner in the development firm, Riverside County Single-Family Joint Venture.

The project is the first in the Coachella Valley for GMAC Mortgage Corp. The firm so far has provided financing for 19 of the houses being built beginning next month on scattered lots north of Ramon Road. Century 21 Lyle & Associates, Palm Springs, is the sales agent.

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