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.