Fort Collins, CO, October 3, 2005 - Funding Partners, a Fort Collins, Colorado based non-for-profit corporation, has received $35,000 from the JPMorgan Chase & Co. and $5,000 from the Fannie Mae Corporation. Both of these organizations have contributed capital to FP to increase the availability of affordable housing throughout the State of Colorado. 

 

Funding Partners has been a community partner of Fannie Mae for over 5 years. 

The $5,000 will be used in support of the Mammel Affordable Housing Loan Fund (MAHLF) Program to acquire, develop, rehabilitate or hold affordable housing units in the short-term.  This highly adaptable “gap” loan fund is offered to both non-profit and for-profit organizations.  FP’s MAHLF Program has produced 87 total units in 2005, with 45 projects produced to date supported by 8.6 million dollars of capital.

 

Fannie Mae provides financial products and services that make it possible for low-, moderate-, and middle-income families to buy homes of their own.  They are working to expand homeownership opportunities by joining with lenders and community partners to create products and technologies to reach underserved communities, so that more people can own their own homes.  For more information about what Fannie Mae does in your community log on to http://www.fanniemmae.com/

 

The JPMorgan Chase & Co. organization has given Funding Partners $35,000 to increase the availability of funds for the House to Home Ownership (H2O) Program.  H2O is a revolving loan fund providing first time home buyers down payment and closing cost assistance up to 5% of the home purchase price.  This allows many low to moderate income households to afford the American Dream of Homeownership.  FP’s total loan production is outstanding with 832 loans provided for 1,831 individuals of which 128 were to single parent households.  In 2005, 77 loans have been made to low income families and individuals with over $650,000 in supporting capital. 

 

Gigi Reynolds, the State Manager of Community Relations at Chase explains that, “Access to safe, decent affordable housing is critical to an economically stable community.  Funding Partners has been doing an excellent job of making home ownership accessible through the H2O Program and Chase is proud to support this initiative”. Log on to http://www.chase.com/ for more information about the JPMorgan Chase Co. 

 

Donna Taub, President of the Board of Trustees at Funding Partners comments that,  “FP has established itself as a leader in the non-profit sector for the improvement, rehabilitation, and development of affordable housing. With the help of organizations such as JPMorgan Chase and Fannie Mae we are able to help provide Colorado’s workforce the opportunity to own a home.  We strive to create resources to allow these underserved markets to thrive within their community.”