Funding Partners Continues Support of Community Land Trust Development
Release Date:May 3rd, 2010
Fort Collins, CO, May 3, 2010 � Funding Partners, a non-profit Community Development
Financial Institution (CDFI), is proud to announce its continued partnership with
the Rocky Mountain Community Land Trust (RMCLT) for construction financing of
the Woodmen Vistas Development in Colorado Springs.
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A $1.32 million refinance was approved for RMCLT to continue the construction
of 11 permanently affordable single family homes. Woodmen Vistas targets individuals and families at or below 80% of the Area Median Income,
which represents an annual income equal to or less than $56,650 for a family of
four in El Paso County. �Located in north east Colorado Springs, the development
complements the highly successful neighboring Cumbre Vista and is being developed
in conjunction with the adjoining Pikes Peak Habitat for Humanity neighborhood.��
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Rocky Mountain Community Land Trust is working with local REALTORS and five lenders�Air
Academy Federal Credit Union, CB&T Mortgage, FirstBank, USBank and Wells Fargo
Home Mortgage to help limited-income families buy their first houses.� To help
families begin the homebuying process, RMCLT orientations are conducted every
other Wednesday at 6:00 p.m. at the Colorado House and Resource Center in downtown
Colorado Springs.� RMCLT will have a house in the 2010 Parade of Homes to highlight
how houses can be affordable while at the same time being of high quality.� The
HBA of Colorado Springs 2010 Parade of Homes will be 6-22 August 2010.
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Bob Koenig, RMCLT Executive Director said �stakeholders such as Funding Partners,
El Paso County Housing Authority, City of Colorado Springs, Colorado Division
of Housing, Federal Home Loan Bank Topeka and numerous foundations are critical
to creating and preserving quality affordable housing for our community. We have
found during our 14-year history of service to El Paso County and the City of
Colorado Springs that collaborations are the key to success.� These collaborations
are with stakeholders, other non-profits, families, all levels of government and
for-profit businesses.� It�s a team effort and a team success.� Together we are
making a difference for our 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 $11 million,
FP has delivered significant benefit to low-income communities throughout Colorado.
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According to Darcy McClure, Board President of Funding Partners, �In spite of
the extended downturn in the market, Rocky Mountain Community Land Trust demonstrated
extraordinary leadership and determination in delivering a high quality product
at a price that will remain affordable to our current workforce and generations
yet to come.� The organization has vindicated our trust over the years and serves
as a tremendous asset to the Colorado Springs community.�
Contact Information:
Megan Gifford
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524
Megan Gifford
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524