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.