Fort Collins, CO, May 27^th, 2009 – Funding Partners, a not-for-profit financial institution, has reached a loan production level of over 1,500 loans totaling more than $33 million.  Utilizing FP loan products, individuals, housing agencies and for-profit developers are able to secure financing through traditional lending institutions and extend the availability of affordable housing to families earning 80% or less of the area median income, equivalent to a household earning of $18 per hour, per adult.

 

Since Funding Partners’ inception in 1996, four programs have driven the success of the organization and continue to evolve and improve through more difficult market conditions. 

· Under the House to Home Ownership (H2O)® Down Payment Assistance Program, FP has closed 1,102 loans totaling over $8.3 million in production.  Of the 1,102 loans, 590 remain outstanding which represents a turnover ratio of 46.5% with funds consistently being recycled back into the loan pool for future lending. 

· The Employee Home Ownership Program (EHOP)® was established in 2004 to provide employers with an benefit that would attract, retain and reduce turnover of employees.  EHOP® has been implemented by 12 employers around the state and has resulted in 61 residential assistance loans, representing over $1.1 million in volume.

· The Mammel Affordable Housing Loan Fund (MAHLF) provides highly adaptable gap financing for affordable housing projects around the state.  Funding Partners is proud to announce that 70 project loans have been closed since 1997 totaling over $17 million in financing that has developed, preserved or rehabilitated 2,326 housing units. 

· Funding Partners is able to work with public entities, non-profit agencies, and private organizations interested in providing financial services through Contract Loan Servicing.  Due to the cost and complexity of establishing and maintaining an effective program, such entities can rely on FP administration to enhance the overall process.  CLS clients currently represent 363 loans totaling over $4.3 million in volume.

 

Through these four programs, Funding Partners is successfully bridging the gap for low-income families and their dreams of home ownership in the Colorado housing marketplace. 

 

“From the very beginning, Funding Partners was envisioned as a dynamic and adaptive resource for both the public and private sectors,” according to current Board President and founding member, Ron Schneider.  “At the time, I don’t believe anyone in the room thought the organization would achieve the statewide significance it enjoys today.  However, there would be few today who believe we’re anywhere close to what the organization is capable of achieving.  The real work and success of Funding Partners is directly attributed to the dedication of the network of housing professionals and advocates we have associated with over the years and we honored to share their commitment to communities across Colorado.” 

 

 

 

 

 

 

For more information regarding Funding Partners’ loan programs please visit: