Fort Collins, CO, October 26, 2010 - Funding Partners, a non-profit financial institution is pleased to recognize the Colorado Association of Realtors, Housing Opportunity Fund (CARHOF) for its generous support of affordable housing needs in Colorado.  

 

The CARHOF Statewide board has awarded Funding Partners $4,500 in addition to the $1,048.20 awarded by the Vail Board of REALTORS, to help offset overhead expenses attributed to the Employee Home Ownership Program (EHOP)®.

 

“The Vail Board of Realtors is pleased to support Funding Partners work which assists many first time homebuyers here in the Vail Valley, thru its administration of the Eagle County Down Payment Assistance Fund,” according to Matt Fitzgerald of the Vail Board of REALTORS. 

 

Funding Partners EHOP program provides down payment and closing cost assistance to employees of the participating organization allowing for a more affordable monthly payment on a property within relative distance to work.  The EHOP program and has been remarkably successful, not only along the Front Range, but in resort communities where homes are priced beyond the means of the local workforce. Employees are typically subject to long commutes, small living quarters and heavy competition from part-time residents for housing. EHOP fills a significant need in those markets where resources are very limited and among local area workforce is priced out of the housing market.  Through EHOP, households are eligible to receive the necessary funds from their employer to acquire their home without the additional burden of monthly payments.

 

EHOP has originated 102 down payment and closing cost assistance loans representing $2,406,086 in financing.  To date, EHOP has a 0% loss rate with 14.7% of loans repaid.  EHOP has served over 200 individuals and currently has 13 participating employers across the state.

 

“Real estate professionals are unsung heroes in communities across Colorado,” according to Funding Partners Executive Director, Joe Rowan.  “Although Realtors don’t typically receive the recognition they deserve, collectively and individually real estate professionals are often the first to respond to need within the community, contributing time, expertise and money to a variety of important issues.  The Colorado Association of Realtors exemplifies a long-term commitment and community leadership necessary to make Colorado home.”