Fort Collins, CO, March 8, 2010 – Funding Partners, a non-profit Community Development Financial Institution (CDFI), is proud to announce its partnership with Hendricks Communities for the construction of a senior independent living development in Colorado Springs.

 

A $600,000 loan was approved for Hendricks Communities to develop a 2 acre lot in Colorado Springs.  The project, known as Pikes Peak Senior Apartments, will provide Hendricks Communities with early stage construction financing for the development of 70 affordable independent senior housing units.

 

The Pikes Peak development will target seniors at or below 50% of the Area Median Income, which represents an annual income equal to or less than $35,400 for a family of four in El Paso County.  Within a single 3-story building, the project will include a community room with kitchen, a fireplace lounge, a separate game/craft room with exercise equipment, a 2-station computer room, beauty salon and washer/dryer facilities.  Each unit will include stack washer/dryers, full kitchens, deck or patio, and individually controlled heat and cooling.  The property will offer 2 outdoor courtyards, and uncovered surface and street parking for residents and guests.  A full-time on-site manager and resident assistant will coordinate resident activities.

 

“Funding Partners has been an incredible asset to us, providing assistance in the development of affordable senior and family housing,” according to Marc Hendricks, President of Hendricks Communities, LLC.  “Current conditions in the financial markets have made it difficult, in many cases, to complete project financing.  Without the assistance of Funding Partners, many affordable projects in the state of Colorado would not be developed.”

 

Hendricks has over 25 years of experience in commercial and residential development along the Front Range.  Hendricks has completed 13 residential projects serving low and moderate-income households, 7 of which are senior properties similar in nature to the Pikes Peak development.  Most recently, The Caribou Apartments were completed, providing affordable units to residents of Fort Collins earning less than $31,584 per year.  The Caribou project established the initial partnership with Funding Partners and Hendricks Communities.

 

According to Funding Partners Board President, Ron Schneider, “Shifting demographics make increasingly clear the need for low cost housing with modern amenities, energy efficient design and convenience to a variety of services will continue to grow.  Funding Partners has found Hendricks Communities to be particularly skilled in developing and managing such high-quality properties that cater to our neighbors at lower-income levels while creating a source of pride for the entire community.”   

 

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.