Funding Partners Breaks Record
Release Date:July 10th, 2007
Fort Collins, CO, July 10, 2007 – Funding Partners for Housing Solutions, a not-for-profit Community Development Financial Institution, has released production figures for the month of June that indicate substantial growth in its loan portfolio.  Utilizing FP loan products, individuals, housing agencies and for-profit developers are able to secure favorable financing through traditional lending institutions to expand inventory of housing affordable to workers earning $18 per hour, or less.  The organization delivers financial products to underserved markets and target populations throughout Colorado.
During the month of June, FP provided down payment assistance to 19 first-time home buyers and acquisition/development financing on 3 housing projects that represent $1,994,540 in loan volume.  The three housing projects, located in Colorado Springs, Denver and Windsor, will deliver 136 rental and 11 for-sale units; all with long-term rent/price restrictions that insure current and future generations will have access to safe, decent housing.
Under the House to Home Ownership (H2O) Down Payment ProgramÒ and third-party loan services, 19 families earning approximately $27/hour in combined household income were able to recognize the dream of home ownership.  Purchase assistance was provided within 9 counties during the month. The Mammel Affordable Housing Loan Fund (MAHLF) provided the necessary capital to acquire a site for future development of 100 rental units designated for individuals and families transitioning from homelessness, preserve 36 rental units for very low-income families, and land development to support construction of 11 single family dwellings affordable to households earning less than $42,500 per year.
For perspective, the previous one-month production record of $940,000 was set in April 2005, while loan production for all of 2006 amounted to $2,173,490, creating or preserving 365 housing units.
Joe Rowan, Executive Director of Funding Partners points out: “The devastating effects of the foreclosure crisis in many parts of the state carries an important reminder to anyone living here 25 years ago.  Real estate was somewhat depressed following the oil shale bust and very few communities encouraged the practice of locking-up workforce housing stock while prices were low.  As the economy diversified and expanded, renters and owners alike found themselves priced out of the market as net in-migration soaked up housing inventory.  As a result, we perhaps are experiencing a more enlightened approach this time around.”
Contact Information:
Grady Gardner
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524