FirstBank, a privately-held bank based in Lakewood, recently financed $55 million for the development of a net-zero-ready affordable housing project in Colorado known as Willoughby Corner. The bank has funded more than $500 million towards affordable housing from 2020 onward.
On its completion, Willoughby Corner aims to provide 400 affordable rental and sale units. The bank is financing the first two phases of the project which will include 129 units and a community center. Amid rising interest rates, FirstBank has provided the project developer, Boulder County Housing Authority (BCHA), with an extended ‘rate-lock’ on its loan, facilitating the convoluted closing process.
“Our team is stacked with wonderful partners, and FirstBank has been especially instrumental in supplying financial resources to bring this project to life,” said Molly Chiang, Development Director at BCHA. “Their commitment to increasing affordable housing in our local community and throughout Colorado is evident. We’re thankful to have a financial partner who prioritizes the needs of the community as much as we do.”
Willoughby Corner, intended for families, individuals, and senior citizens earning at or below 60 percent of the Area Median Income, is set to be Net Zero Ready certified. The initiative includes on-site solar production, geothermal technology, and efficient building designs. The project’s first phase is slated for completion by the end of 2024.
FirstBank’s CEO, Kevin Classen, reaffirmed the bank’s commitment, stating, “The growing need for affordable housing in Colorado is a top priority. This is why FirstBank is doing more than just financing developments. We’re actively working with several organizations to increase affordable housing and create solutions to make obtaining and owning a home more accessible.”
The bank has also introduced the PATH grant program aimed at removing barriers to homeownership for Black and African American families. Since its inception in 2021, PATH assisted more than 200 families with their first home purchases.
About FirstBank: FirstBank, a privately-held bank operating since 1963, is known for its digital banking services and philanthropic efforts. With over 100 branch locations throughout Colorado, Arizona, and California, it offers a variety of banking services. The unique Employee Stock Ownership Program allows its employees to have a financial stake in the company’s success.
Source: Press Release