Privately held bank FirstBank has announced a $60 million commitment to aid in the mitigation of the affordable housing crisis in Colorado.
The bank has pledged $30 million in support to Habitat for Humanity and Impact Development Fund (IDF) which are both nonprofit organizations dedicated to developing and preserving affordable homes and communities. Additionally, FirstBank will also purchase a total of $60 million in mortgages from Habitat for Humanity and IDF to provide capital so they can build and preserve more homes and communities needed by low-income families.
“Colorado already had an affordable housing crisis, and then the pandemic hit,” said Jim Reuter, CEO of FirstBank. “We’re hopeful this commitment will put owning a home within reach for many Coloradoans, and positively impact hundreds of deserving families across the state,” Jim said.
The bank has purchased $15 million in mortgages from Habitat thus far. Habitat is known best for its affordable homeownership program that builds strength, stability, and self-reliance through the housing.
“The FirstBank Loan Purchase program has been critical to Habitat Vail Valley’s ability to increase our local home building capacity,” said Habitat Vail Valley’s Elyse Howard, one of many affiliates utilizing the program. “This generous new commitment of $60 million from FirstBank will go a long way toward helping Coloradoans achieve housing stability,” Elyse said.
FirstBank has also begun purchasing mortgages from IDF who connects organizations statewide with developing financing and technical assistance needed to develop, rehabilitate, and preserve housing for residents who live on low to moderate-income. This purchasing of mortgages will make it possible for IDF’s affiliate partners such as local Habitat chapters to increase financing capacity for affordable housing initiatives.
“The pandemic has compounded the equity gap for many families in our state and we are likely to see the lingering impact of that for many months to come,” said Sean Doherty, Executive Director of Impact Development Fund. “FirstBank’s swift action has already kept the security of homeownership within reach for families throughout Colorado and, as we start to shift our focus to the long-term impact of the pandemic, we’re grateful to be able to continue this important work alongside FirstBank and Habitat for Humanity,” Sean said.
For more information regarding FirstBank, visit: www.efirstbank.com