Fort Collins, CO, January 22, 2008 – Funding Partners, a not-for-profit Community Development Financial Institution, is proud to announce a partnership with the City of Glenwood Springs, Colorado to assist municipal employees purchase housing within the Roaring Fork Valley.  Utilizing the Employee Home Ownership Program (EHOP)®, the City will provide subordinate financing to full and part-time employees that requires no monthly payment for as long as the employee remains in good standing with the City.  Employees that purchase a home within city limits may be eligible to have up to 40% of the assistance forgiven upon the fifth anniversary of their purchase.

 

Long considered an affordable option to Aspen, home prices in Glenwood Springs and throughout the Roaring Fork Valley have increased dramatically since 2005.  With an average home price approaching $500,000, Glenwood Springs has been impacted by the growing number of vacation home owners in Colorado’s resort communities, limited availability of developable land inventory, popularity among retirees, and influx of workers serving the oil and gas boom within Garfield County.

 

John Angell, the Director of Human Resources for Glenwood Springs, commented, “The introduction of the assistance program is considered a first step in addressing long term housing solutions that severely limit the City’s ability to attract and retain highly skilled employees.  Further, the City has taken a leadership role in demonstrating how public-private partnerships can benefit all employers in the area while alleviating numerous issues facing the community.”

 

For more information regarding this and other initiatives within the City of Glenwood Springs, contact John Angell, Director, Human Resources (970) 384-6412, or via e-mail at [email protected]

 

Employee Home Ownership Program (EHOP)® is a registered Service Mark of Funding Partners for Housing Solutions, Inc.  All rights reserved.