Fort Collins, CO, February 8, 2010 – Funding Partners, a non-profit Community Development Financial Institution (CDFI), is proud to announce its partnership with Fort Collins Community Affordable Residences Enterprise, (CARE).

 

A $532,500 loan was approved for CARE Housing to develop a 13.3 acre lot located in South Fort Collins off Autumn Ridge Road.  The project, known as Provincetowne, will provide CARE Housing with early stage financing and future construction of 85 affordable housing units, constructed as 11 one- and two-story buildings offering 2- and 3-bedroom units.

 

The Provincetowne development will target families earning 30%-50% of the Area Median Income, which represents an annual income of $22,560 - $37,600 for a family of four in Larimer County.  The project incorporates a playground, adjacent pocket park and a community facility, consistent with other CARE projects, offering after school activities, classrooms (tutoring, business center, parenting, money management and homebuyer education), flex space and on-site management.

 

According to CARE’s Executive Director, Chadrick Martinez, “Provincetowne represents CARE’s next generation of affordable housing from both a collaborative partnership and sustainable housing model” Provincetowne will follow the nationally recognized Enterprise Green Communities Criteria . Martinez explained, “that the criteria provide affordable housing developers proven, cost effective standards for building healthier energy efficient homes.” With the collaboration of Funding Partners, the City of Fort Collins, Colorado State University’s IBE Program, Fort Collins Housing Authority, Colorado Division of Housing, Federal Home Loan Bank, Colorado Housing and Finance Authority and local banks, the development will provide economic, environmental and health benefit to CARE’s Provincetowne residents.

 

Established 1992 as a not-for-profit housing agency, CARE Housing is an advocate and provider of housing, while offering supportive services to working households below 60% AMI. Currently, CARE residents average 32% AMI, while 80% of residents are single-parent households. CARE currently owns and manages six affordable housing developments throughout Fort Collins, all serving the low income households. 

 

“This project has been in the planning stage for several years, though the project set to come out of the ground this year will clearly demonstrate it was time well spent”, according to Ron Schneider, Board President of Funding Partners.  Schneider continues, “With all that has occurred over the past year, the timing for this project could not be better in terms of putting crews to work and families struggling to make ends meet into a new home.  Funding Partners is very proud of our relationship with CARE and pleased to be a part of this important project.”

 

Funding Partners’ Mammel Affordable Housing Loan Fund (MAHLF) provides necessary financing to agencies across Colorado that create, rehabilitate or preserve affordable housing stock.  Since program inception, FP has provided over $18.5 million in financing to support more than 70 affordable housing projects reserved for low to moderate income households. By utilizing a capital base of over $10 million, FP has delivered significant benefit to low-income communities throughout Colorado.