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.

 

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!

 

“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.”

 

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.

 

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.

 

“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.”

 

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.