Fort Collins, CO, June 21, 2007 - Funding Partners, a non-profit financial institution is proud to announce the Community Affordable Residences Enterprise (CARE) dedication to keeping and maintaining affordable housing within the City of Windsor, Colorado. 

 

CARE Housing, Inc., a local non-profit agency, has negotiated a transfer of ownership to a 37-unit town home-style rental community known as Cottonwood Apartments, located south of Chimney Park in Windsor.  The acquisition allows CARE to preserve the units as affordable to individuals and families generally earning less than $14 per hour.  In cooperation with USDA Rural Development, CARE will continue to provide safe, attractive housing for area residents at rent levels well below the prevailing market rates over the next 40 years.   Without this partnership, the units were in jeopardy of conversion to market rents, displacing current residents and severely limiting housing options for this critical workforce.

Funding Partners has provided a short-term gap loan to facilitate transfer from the current owner.  Funding Partners is recognized as a leader in delivering capital and credit to geographic markets and populations across Colorado underserved by traditional financial service providers. With the help of agencies like CARE, Funding Partners will be able to further expand their commitment and capacity to serve other markets across the state.