Funding Partners Teams Up with Fort Collins Habitat for Humanity
Release Date:January 25th, 2006

Fort Collins , CO, January 25, 2006 – Funding Partners, a non-profit Community Development Financial Institution (CDFI), is proud to announce its partnership with Fort Collins Habitat for Humanity, Inc.

A $450,000 loan was approved for Fort Collins Habitat on December 9, 2005 to purchase 4.5 acres within the LMN zoning district (Low Density Mixed-Use Neighborhood) at the corner of Taft Hill & Harmony Roads in Fort Collins . This project, known as Innovation Island , will provide FC Habitat with inventory of land to support construction of 27 attached townhome units starting within the next 3 years.

Innovation Island will provide an ample supply of developed lots suitable for future construction projects. Habitat’s Executive Director, Candace Mayo, said, “We have recognized the need in the last few years to think and plan several years ahead for our inventory of Habitat lots.  It’s been difficult in the last few years to even find individual building lots, so Habitat, out of necessity, has become a developer. “ 

The site will accommodate 27 residential units on 3.16 acres comprised of one 7-plex and four 5-plexes containing both three and four-bedroom units. The remaining land has been approved under the Overall Development Plan for either an additional 10 multi-family units or as a commercial space with 20,000 square feet.  Fort Collins Habitat plans to sell the commercial property to help defray the costs of building the Habitat residential units.

Fort Collins Habitat for Humanity has constructed 29 homes in Fort Collins since its affiliation to Habitat International in 1993 and currently have three under construction.  Production levels in the past few years have increased dramatically with more significant participation from private-sector interests.  Most recently, the organization has shifted its focus to multi-family production because individual lots have become so expensive.  Fort Collins Habitat for Humanity partners with hard working local families that earn 30-50% of the area median income. That means that Habitat builds homes for families who earn a minimum of $24,200 and a maximum of $34,600.Habitat homebuyers purchase these homes at no profit, financed with affordable, no-interest loans held by Habitat.  They make mortgage payments, just like any other homebuyer. They must also complete a homeownership training program and save a down payment. .Habitat is not a give-away program. In addition to a down payment and the monthly mortgage payments, homeowners invest hundreds of hours of their own labor—“sweat equity”—into building their own Habitat house and helping to build the houses of other Habitat families.

Funding Partners (FP) is devoted to making attainable housing happen in Colorado .  As a statewide organization their mission is to coordinate, enhance and leverage resources to increase the affordable housing stock attainable to very low to moderate –income families and individuals. As well as, to pursue partnerships and alliances, which optimize affordable housing resources.  FP’s target market is comprised of households earning 80% or less of the Area Median Income (AMI). By utilizing their capital base of $8 million, FP has delivered significant benefit to low-income communities throughout Colorado. Habitat homeowners invest in their own future, building equity through their homes.  Partnering with Habitat, they break the cycle of poverty with the stability of homeownership.  Fort Collins Habitat has earned the distinction of being one of thirty affiliates to build one home internationally for every home built locally.
Contact Information:
Laura Jarvis
Funding Partners for Housing Solutions
214 S. College Ave, Second Floor
Fort Collins, Colorado 80524