MHCLF Newsletter 2016 First Quarter
Affiliation Strengthens Capacity
The Boards of Directors for Mile High Community Loan Fund (MHCLF) and Funding Partners (FP) have entered into an agreement to affiliate effective May 1, 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 http://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 email@example.com.
Sean, Dan, Xi and the entire MHCLF Board of Directors and Committee members