November 22, 2010 - Fort Collins, Colo. - Funding Partners, a not-for-profit community development financial institution, is pleased to recognize Bank of the West for its generous support of affordable housing needs in Colorado.  

 

Bank of the West has awarded Funding Partners $1,500 to help offset overhead expenses attributed to Funding Partners’ affordable housing project financing program, Mammel Affordable Housing Loan Fund (MAHLF).   In addition, Bank of the West is a valued investor in Funding Partners with an Equity Equivalent Investment (EQ2) of $500,000, dedicated to the MAHLF program in 2007. 

 

The Mammel Affordable Housing Loan Fund (MAHLF) provides predevelopment, acquisition and gap financing to both non-profit and for-profit agencies that create, rehabilitate or otherwise preserve affordable rental and/or for sale housing units reserved for families earning less than 80% of the area median income level.

 

Historically, Funding Partners has delivered an average of $2.3 million per year in project and working capital financing to promote economic development objectives throughout Colorado; thus far in 2010, MAHLF has provided financial assistance in the amount of $3.8 million to affordable housing developments.  The MAHLF program has provided financing to 78 affordable housing developments statewide, representing $21.7 million in financing and 2,493 units created or preserved since the programs’ inception in 1997.

 

“Bank of the West has proven to be a very strong banking partner within communities across Colorado”, according to Darcy McClure, President of the Funding Partners Board of Trustees.  McClure continues, “We respect the diligence of the Bank to maintain prudent business practices in good economic times and bad as the populations served by Funding Partners are best served through stable, appropriate financial services.  We congratulate Bank of the West on their success and look forward to our continued partnership.”