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Funding Partners 502 Direct Loan Partnership with USDA Rural Development
Release Date:June 21st, 2010
 
Fort Collins, CO, June 21, 2009 – Funding Partners (FP), a not-for-profit financial institution, has executed a partnership agreement with USDA Rural Development to assist in the disbursement of Rural Development (RD) disaster relief funds available to Larimer and Weld counties as a result of the 2008 tornado that affected rural areas within Northern Colorado.
 
Funding is available to families and individuals in the form of Section 502 Single Family Home Ownership Direct Loans that provide 100% financing for home purchase in rural communities and unincorporated areas of Larimer and Weld counties.  Funding Partners will be the initial point of contact for buyers interested in qualifying for a RD Direct Home Loan and interested parties will work with Funding Partners staff to obtain borrower eligibility from Rural Development. 
 
The 502 Direct Loan Program’s main consumer base will be households who qualify as very low to low income, earning 80% or less of the area median income (AMI) as determined per county.  The program provides a much-needed resource for individuals and families that often experience tremendous difficulty in finding affordable housing. 
 
“Expanding and preserving homeownership is a major part of the foundation for a stronger, more prosperous rural America and USDA Rural Development is committed to help,” said Jim Isgar, Colorado Rural Development State Director. USDA Rural Development has been very successful in helping rural residents in Colorado live the American dream of homeownership.  In fiscal year 2009, USDA Rural Development provided nearly $25 million in Direct home loans to 178 rural families and individuals statewide.
 
According to Darcy McClure, President of the Funding Partners Board of Trustees, “Partnering with USDA Rural Development is an important role for the organization in fulfilling our mission of creating access to capital and credit to underserved communities and populations.”  McClure continues, “Unfortunately, it is easy to lose sight of the needs of individuals and families in rural areas of our state when the more urbanized markets are also struggling to find balance.  This new relationship allows Funding Partners to establish a dynamic collaboration of professionals aligned in the interest of hardworking neighbors living outside the big cities.
 
In cooperation with local community agencies, Funding Partners envisions local partnership opportunities with public, private and non-profit agencies, realtors, banks and other industry professionals to enhance local awareness and outreach efforts.  In addition to the direct partnership with Rural Development, FP will work with local housing authorities in eligible areas to assist with program awareness but also to utilize support services and homebuyer education courses.
 
For further information regarding Funding Partners or the Rural Development 502 Direct Home Loan Packaging Partnership, please contact: Connie Ealey or Megan Gifford, (970) 494-2021 or by email [email protected] or [email protected]
Contact Information:
Megan GIfford
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524