First National of Nebraska Investment Supports Affordable Housing in Colorado
Release Date:January 31st, 2012
First National of Nebraska Investment
Supports Affordable Housing in Colorado
FORT
COLLINS, Colo. (January 31, 2012) Funding Partners (FP), a Community
Development Financial Institution (CDFI), is proud to announce a continued
partnership with First National of Nebraska Community Development Corporation
(FNNCDC) that greatly increase resources for addressing the affordable housing
needs in Colorado.
FNNCDC
has executed a long-term capital investment agreement in the amount of $350,000 for use under FP’s Mammel
Affordable Housing Loan Fund (MAHLF), bringing FNN investments to a total of $800,000. First National Bank of Fort Collins was among
Funding Partners original investors in 1998 and again in 2005, an investment
from First National Bank of Colorado was received in 2001, followed by a First
National of Nebraska Community Development Corporation investment in 2003 and
the
latest EQ2 represents the fifth investment under FNN.
The
MAHLF fund represents a significant source of capital for loans to non-profit
organizations, for-profit developers and public agencies that seek to acquire,
develop, rehabilitate or preserve rental and ownership housing units reserved
for low income households. The credit
facility terms allow Funding Partners to offer below-market loan terms to its
borrowers in order to hold down the cost of financing qualified projects across
the state.
“Adding
this EQ2 Investment in the latest Funding Partners program provides the CDC and
the Colorado Banks with the opportunity to provide increased lending and
investments to businesses in Colorado that compliment our mission and goals,”
according to Deborah Keating, Executive Director of FNNCDC. “The successful financial relationship with
Funding Partners will not only better serve the low income housing market, but
also create new opportunities for the CDC to better serve the broader market.”
At
all levels of government, direct financial support for housing programs is
rapidly declining, creating a void not easily filled by the private
sector. However, innovative partnerships
have seized upon this trend to reinvigorate community and economic development
initiatives. Indeed, the decline of
entitlement funding should be viewed as an opportunity that creates greater
accountability and efficiency within the affordable housing system.
“The
timing of this investment could not have been better orchestrated given
increased demand for low-cost rental housing across the state,” according to
Ryan McMaken, Board President of Funding Partners. McMaken continues, “In particular, the Fort
Collins/Loveland market has among the lowest vacancy rates with the greatest
upward pressure on rents even as income levels have remained somewhat
stagnant. First National has once again
demonstrated their ongoing commitment to the community and recognition of
highly effective tools to address critical needs.”
Under
its community mission to attract and consolidate resources for creation and
preservation of safe, adequate housing that remains affordable to low and
moderate-income households, Funding Partners has developed a reputation for
expanding access to capital to demographic markets and geographic regions
underserved by traditional financial institutions. Since the inception of its loan programs in
1997, FP has accumulated over $10.1 million in loan fund capital and manages an
additional $9.6 million on behalf of other organizations dedicated to serving
similar markets.
Contact Information:
Megan Ferguson
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524
