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.

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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.

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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.

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�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.�

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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.

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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.����

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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.