Mile High Community Loan Fund - Funding Partners Join Forces
Release Date:May 2nd, 2016
Mile High Community Loan Fund - Funding Partners Join Forces
Affiliation
Strengthens Capacity
Denver,
CO, April 29, 2016 – The Boards of Directors for Mile High Community Loan Fund
(MHCLF) and Funding Partners (FP) have entered into an agreement to affiliate
effective May 2, 2016. Under the
agreement, FP will function as a wholly-owned subsidiary of MHCLF under a
common governance and management structure.
Each will retain its unique identity as a non-profit community
development financial institution.
“As
demand for housing that can be afforded by residents of the state continues to
outstrip supply, the need to grow available resources has become vital to our
economic prosperity”, according to a joint statement released by Michael Reis,
Board President of MHCLF and Darrin Anson, Board president of FP. The statement continues, “Both organizations
have been instrumental in delivering flexible, timely capital to developers and
agencies across Colorado. Through our
combined strength, we look forward to an exponential increase in community
impact now and in the years to come.”
As
community development financial institutions (CDFIs), MHCLF and FP each have a
mission to provide financial products, services and technical assistance that
primarily benefit low and moderate income households. MHCLF, based in Denver, has extended $60
million in loan capital to create or preserve 6,700 residential units reserved
for households earning less than 80% of the area median income ($63,920). MHCLF further provides capital to other
non-profits that predominantly serve low-income residents. Over $9.5 million has been provided to 25 agencies
across the state.
FP,
based in Fort Collins, has extended $38 million in credit to support 4,200
residential units. In addition, FP
provides loan products directly to homebuyers and owners to purchase or improve
their residence. Since 1999, 1,130
first-time low-income buyers have utilized $10.2 million in purchase
assistance. FP further originates and
provides loan services to private, governmental and non-profit agencies in
support of local initiatives, representing $21.2 million in additional
activity.
The
combined company boasts loan fund capital of nearly $30 million with additional
lending authority on behalf of twenty unrelated client entities. Administrative and production offices will be
maintained in Denver and Fort Collins.
“As
the financial services industry grows more complex, the ability to focus staff
functions in areas of expertise will be critical in expanding the reach of the
combined organization. We are proud of
the extensive and successful partnership Mile High and Funding Partners have
developed over the years and salute our many investors, clients and partners
who have enthusiastically embraced this natural evolution”, according to the
joint statement.
For
more information, please visit www.mhclf.org
and www.fundingpartners.org, or
contact Sean Doherty, Executive Director of Mile High Community Loan Fund at
(303) 860-1888 ext. 5, or at [email protected].
Contact Information:
Sean Doherty, CFA, CPA
Executive Director
Mile High Community Loan Fund
303-860-1888 x5
[email protected]
www.mhclf.org
Sean Doherty, CFA, CPA
Executive Director
Mile High Community Loan Fund
303-860-1888 x5
[email protected]
www.mhclf.org