Fort Collins, CO, March 10, 2011 – Funding Partners, a non-profit Community Development Financial Institution (CDFI), is proud to announce its partnership with Upper Arkansas Area Council of Governments (UAACOG) to support the Prairie Sage Development in Cañon City.

 

The Prairie Sage development consists of 34 permit-ready single family lots and utilizes a combination of the USDA/Rural Development Section 523 and 502 Direct Home Loan Programs to construct affordable housing for qualified residents of Fremont County.  The homes are reserved for households with incomes that do not exceed 80% of the Area Median Income. Under the law, at least 40% of Section 502 loan funds must go to very low income households (not exceeding 50% of median). All families provide 15-20% of the home value in the form of sweat equity.  Prospective homeowners are allowed to choose from 15 potential plans, ranging between 1,050 to 1,300 square feet of living space, 3 and 4-bedroom, 2-bath, one-story, 1 or 2-car garage configurations.

 

“UAACOG is appreciative and pleased for the opportunity to enter into a partnership with Funding Partners.  Their assistance will allow our agency to continue providing affordable housing in Fremont County,” stated Sharon McKinsey, UAACOG Housing Director.

 

The Upper Arkansas Area Council of Governments (UAACOG) is a quasi-governmental organization formed in 1974 as a grant clearinghouse for federal and state programs to Colorado’s Planning Region 13 (Chaffee, Fremont, Lake and Custer Counties).  The agency also houses several service programs on behalf of its members including housing related programs.

 

Utilizing the Mammel Affordable Housing Loan Fund, Funding Partners was able to restructure current financing of the Prairie Sage Development to provide greater flexibility in light of prevailing market conditions. 

 

“Funding Partners is pleased to support this important project for working families in an area of the state that hasn’t received adequate attention from the larger financial institutions,” according to Joe Rowan, Executive Director of Funding Partners.  Rowan continues, “The UAACOG is to be congratulated for their diligent efforts to improve the quality and quantity of housing stock that is affordable to families living on less than $35,000 per year in spite of very challenging conditions.  The folks served by this project are the same people the community depends upon to keep the local economy moving.” 

 

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 $22 million in financing to support more than 81 affordable housing projects loans for low to moderate income households. By utilizing a capital base of over $10 million, FP has delivered significant benefit to low-income communities throughout Colorado.