Multi-Agency Collaboration Supports Denver Senior Living Facility
Release Date:March 21st, 2011
Fort Collins, CO, March 21, 2011 � Funding Partners, a non-profit Community Development
Financial Institution (CDFI), is proud to announce its partnership with FirstBank
and the Mennonite Housing Development Corporation (MDHC) to support the acquisition
and rehabilitation of the William Tell Senior Living Apartments by Brothers Redevelopment,
Inc. of Denver.
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Utilizing the Mammel Affordable Housing Loan Fund, Funding Partners was able
to bridge traditional financing from FirstBank and a grant through MHDC to secure
the purchase of the 81-unit William Tell Apartments near City Park in Denver.�
In addition to the FirstBank loan, the project financing incorporates two FP loans:
the first utilizes available loan fund capital; the second utilizes funds awarded
to FP through the Federal Home Loan Bank of Topeka Affordable Housing Program.�
This project represents the first time AHP funds have been invested through a
revolving loan fund in the country!
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�FHLBank Topeka is proud to help FirstBank and Funding Partners support the William
Tell apartments,� said Tom Thull, VP and Director of Housing and Community Development
for FHLBank Topeka. �We have granted $169 million in AHP funds since our program
began 20 years ago. It is exciting to see our program used in a new way through
this revolving loan fund.�
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The William Tell development targets senior households earning at or below 30% of the Area Median
Income, which represents an annual income of $15,939 for an individual in Denver
County. �The project incorporates a single, 10-story apartment building, currently
94% occupied.� Financing will allow for the purchase and minor rehabilitation
of the property over a ten month period.
�Through this partnership-driven purchase, Brothers Redevelopment is preserving housing affordability and accessibility for low-income senior and disabled residents in Central Denver,� said Mary Ann Shing, president.
�Through this partnership-driven purchase, Brothers Redevelopment is preserving housing affordability and accessibility for low-income senior and disabled residents in Central Denver,� said Mary Ann Shing, president.
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Established in 1971, Brothers Redevelopment Inc, was created to address the housing
needs of low income, senior and disabled populations within the Denver region.
The organization initially focused on health, safety and general condition improvements
to single family properties within the poorest neighborhoods of Denver. Since
that time, BRI has expanded its mission to include acquisition and rehabilitation
of subsidized low-income multifamily properties beginning with Edgewater Plaza
in 1979. Today, the organization owns and manages 12 properties in three metro
counties encompassing nearly 600 residential units.
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�FP is proud to partner with Brothers Redevelopment, FirstBank and the Federal
Home Loan Bank of Topeka in preserving this project for the next generation of
senior residents�, according to Joe Rowan, Executive Director of Funding Partners.�
Rowan adds, �These opportunities are extremely rewarding and clearly demonstrate
the professionalism within this industry.�
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Funding Partners� Mammel Loan Fund 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.
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Contact Information:
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524