Fort Collins, CO, August 24^th, 2009 - Funding Partners (FP), a not-for-profit community development financial institution, is pleased to recognize FirstBank (FB) for its generous support of affordable housing needs in Colorado.  

 

First Bank has awarded Funding Partners $35,000 to help offset overhead expenses attributed to the House to Home Ownership (H2O) Down Payment Assistance Program® and third party Contract Loan Services. 

 

"FP and FB have both been affected by the slow economy. However, both institutions realize that low and moderate income workers across the state face these same challenges every day. That is why after 13 years of support and involvement with FP; FB is more committed than ever to its mission.” Explains Pat Brady, President of FirstBank of Northern Colorado.

 

H2O is a revolving loan fund providing first time home buyers with down payment and closing cost assistance up to 5% of the home purchase price. In 2008, through direct lending, the organization provided assistance to 60 first-time homebuyers through the House to Home Ownership (H2O) Down Payment Assistance Program® with a production volume of $469,216. 

 

Funding Partners’ Contract Loan Servicing establishes contractual relationships with public entities, non-profit agencies, and private organizations interested in providing financial services to a defined market.  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.  Across all residential assistance programs, FP has originated over 1,500 mortgage loans representing over $13,000,000 in production volume within Colorado since 1999.

 

According to Ron Schneider, President of the Funding Partners Board of Trustees, “Partnering with strong organizations that share our commitment to expanding access to capital to populations that are often overlooked in the financial marketplace is a key to the success of Funding Partners.”  Schneider continues, “We congratulate FirstBank for their financial support of the entire community through their many involvements, chief among them the generosity they continue to show Funding Partners.” 

 

First Bank has been an integral part of Funding Partners success since the inception of the company, providing continuous financial support through grant and investment contributions.

 

For more information visit www.fundingpartners.org