Fort Collins, CO, May 16, 2005 – Funding Partners for Housing Solutions, a non-profit Community Development Financial Institution, has entered an agreement with Eagle County to streamline down payment and closing cost assistance for homebuyers in that market.  Leveraging existing resources under a consolidated structure, this partnership will promote greater access to capital while minimizing the expense and frustration often associated with purchasing a first home.  Under its Contract Loan Servicing program, Funding Partners is able to match qualified home buyers with numerous assistance programs throughout the state using a single loan application.  

 

With a strong reputation developed through the House to Home Ownership (H2O) Down Payment Assistance Program® and niche lending to agencies that acquire, rehabilitate or develop housing units, Funding Partners has expanded its service offerings to include third party loan management.  Whereas local partners are better positioned to address the needs of the workforce and establish cooperative relationships within the real estate, employment and development communities, Funding Partners is able to reduce the cost of providing capital to under served markets through increased scale.  Ultimately, populations that typically fall below the median income are provided the opportunity to secure safe, adequate housing that is affordable according to their income level.

 

Funding Partners has provided loan assistance to purchase homes in Vail, Avon, Eagle, Edwards and Gypsum in Eagle County.  The median income for a family of four in Eagle County is $79,950, but the median house price in 2004 was $383,500. Eagle County provides loans for families who earn median income or less and are purchasing houses costing $312,895 or less.

 

“Using Funding Partners to service our loans creates efficiency and simplicity for lenders, realtors, and most importantly – first time homebuyers earning median income or less in our county,” announced Barbara Peterson of the Eagle County Housing Department.

 

FP Executive Director, Joe Rowan said, “Eagle County has long recognized the need to promote home ownership opportunities that is affordable to their service-sector workforce.  The biggest hurdle was developing the partnerships and mechanisms to insure attainable housing stock was available to these households.  Next was bringing together the lending and real estate communities to make sure responsible service providers were engaged, and finally, the easy part was making sure assistance was readily available and simple to use.  Funding Partners is proud to be associated with so many dedicated professionals."