Wednesday, August 26, 2009

Funding Partners Announces NCST Coordinator Contract

Fort Collins, CO, August 26th, 2009 – Funding Partners (FP), a not-for-profit financial institution, has been awarded a contract with the Colorado Department of Local Affairs’ Division of Housing to act as the lead contact in coordinating the acquisition and transfer of foreclosed properties available through the National Community Stabilization Trust (NCST) “First Look” Program and “Targeted Bulk Purchase” Program.

The Neighborhood Stabilization Program (NSP) is a new $37.9 million program created through the Housing and Economic Recovery Act (2008) that provides for the acquisition of foreclosed properties for rehabilitation, sale, or rental. These activities facilitate the return of the foreclosed properties to rental and ownership housing for low to moderate income families. As the coordinator for the partnership between the State of Colorado and NCST, Funding Partners acts as a central hub of information between the NCST and the Division of Housing. FP will also serve as the purchasing entity on behalf of up to eleven of Colorado’s participating local jurisdictions for the transfer of foreclosed properties from the selling bank to the local entities working directly in the state’s hardest-hit communities.

“With the Funding Partners partnership now in place, our local partners can move quickly toward purchasing and rehabbing foreclosed and abandoned properties,” said Susan Kirkpatrick, Executive Director the Colorado Department of Local Affairs.

Funding Partners currently offers services statewide, including down payment assistance through the House to Home Ownership (H2O)® Program and project financing for affordable housing through the Mammel Affordable Housing Loan Fund (MAHLF). Having proven effective frameworks in place, FP is in a unique position to aid in the acquisition and transfer of Real Estate Owned (REO) properties to multiple jurisdictions statewide.

For further information regarding Funding Partners or the NCST Coordinator Award, please contact:

Joe Rowan, Funding Partners Executive Director, (970) 494-2021 or by email joe@fundingpartners.org