Fort Collins, CO, March 11, 2009 – Funding Partners, a not-for-profit Community Development Financial Institution, has released production figures for 2008, which demonstrate continued strength in housing finance activities despite the economic hardships felt across the nation.  Utilizing loan products specifically designed to enhance long-term affordability, the organization provides low-cost flexible financing to individuals, housing agencies, employers and for-profit developers.  Primarily targeting households earning less than $30 per hour, FP originated 139 subordinate mortgage loans and funded 4 housing projects during the year, representing $3,849,094 in loan volume.

 

Through direct lending, the organization provided assistance to 60 first-time homebuyers through the House to Home Ownership (H2O) Down Payment Program® with a production volume of $469,216.  Through the Employee Home Ownership Program (EHOP)® and other third-party loan services, the organization originated 79 loans to first-time buyers, move-up buyers, and current homeowners making property improvements with a volume of $1,589,878. 

 

Through the Mammel Affordable Housing Loan Fund (MAHLF), for-profit developers and non-profit agencies were able to acquire or create 65 residential units.  Under this program, $1,790,000 from FP leveraged in excess of $16,124,000 from traditional financing sources.  Housing created under this program provides permanent affordability to households that include those transitioning from homelessness to families earning less than 80% of Area Median Income (AMI).  

 

 

According to Pat Brady, President of the Funding Partners Board of Trustees, the year exposed a number of weaknesses but also highlighted the important role of the organization. “This past year was one of the most challenging business environments most of us have ever experienced and hopefully not one we’ll revisit again in our lifetimes – particularly in the financial services sector.”  Brady continues, “Staying true to its mission, FP was able to avoid the mistakes receiving all the attention, while still delivering capital and credit where it’s needed most, in good times and bad.”      

 

For further information regarding Funding Partners’ 2008 production, please visit www.fundingpartners.org for a full copy of our 2008 Investor Letter.