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.

 

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.     

 

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.

 

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!”

 

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.

 

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.”