Fort Collins, CO, January 26, 2009 - Funding Partners, a non-profit financial institution, is pleased to recognize Bank of the West for its generous support of affordable housing needs in Colorado.  

 

Bank of the West has awarded Funding Partners $2,500 to help offset overhead expenses attributed to the Mammel Affordable Housing Loan Fund (MAHLF)®.  Bank of the West has been an integral part of Funding Partners success, providing financial support through grants that compensate for operating costs, and investment contributions providing capital to the Mammel Affordable Housing Loan Fund.

 

“Bank of the West is committed to supporting affordable housing organizations to help improve the social and economic health of the areas we serve,” said Executive Vice President Jack Devereaux in Denver.  “Bank of the West's community support plan calls for us to provide by 2015 $75 billion in loans, investments, contributions and services to lower income individuals and small businesses, companies in lower-income areas and community-based organizations throughout the bank's markets.”

 

Funding Partners’ MAHLF program is a revolving loan fund that provides predevelopment, acquisition and gap financing to individuals and organizations that create, rehabilitate or preserve both rental and for-sale housing for families below the median income level.  MAHLF allows for the development of safe and secure housing for many low to moderate income households.  Since 1997, the MAHLF program has provided financing to develop over 3,000 units for Colorado households earning less than 80% of the Area Median Income; approximately equivalent to earning $18 per hour, or less. In spite of the prevailing market conditions across the state, the MAHLF program experienced an extremely low loss rate of only 0.3%.

 

 “With branch locations across the state and bank products that compliment the mission of Funding Partners, Bank of the West has proven itself to be a great partner in serving the Colorado workforce.  In light of the current environment, capital investments made by Bank of the West have allowed Funding Partners to continue issuing credit to responsible parties that support our economy and preserve housing that will be affordable long after normalcy returns to marketplace.”  Joe Rowan, Executive Director.       

 

For further information regarding Bank of the West, please visit: www.bankofthewest.com

 

For further information regarding Funding Partners loan programs, please visit: www.fundingpartners.org