FirstBank Awarded $1 Million from The Colorado Health Foundation to Fund Mortgage Assistance Program for Colorado’s Black and African American Communities
PATH grants available to make homeownership more accessible and equitable
LAKEWOOD, Colo., May 30, 2023 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” received a $1 million grant from The Colorado Health Foundation to continue funding the bank’s Providing Access To Homeownership (PATH) grant program. The PATH program strives to remove barriers to homeownership for Black and African American communities in Colorado by providing $10,000 towards the purchase of a home.
“The Colorado Health Foundation has successfully partnered with FirstBank on previous housing initiatives, so this was an easy ‘yes’ for us,” said Tracey Stewart, Senior Program Officer at The Colorado Health Foundation. “We commend FirstBank for stepping in to support communities that face many complex challenges entering homeownership. We look forward to another success story with such a great partner.”
FirstBank, in partnership with Colorado Housing and Finance Authority (CHFA) and Impact Development Fund (IDF), created the PATH grant program to help cover down payment and closing costs for Colorado’s Black and African-American homebuyers. The program was created after research found Black/African America families are the least likely demographic group to own a home compared to other ethnic/racial communities. The PATH program aims to reduce those disparities.
“At FirstBank, we are committed to providing increased access to resources and helping create financial stability for Coloradans who have been historically underserved,” said Jim Reuter, CEO of FirstBank. “Since real estate is the largest source of intergenerational wealth, and stable housing offers numerous financial, health and psychological benefits, we are thrilled to continue supporting families in their homeownership journey.”
FirstBank and CHFA previously supplied over $2.6 million to fund the grants, helping 160 Black/African American families become first-time homeowners. The additional $1 million grant supplied by The Colorado Health Foundation will enable another 100 Black/African American families the ability to purchase homes.
Additionally, PATH grant funds have been effectively used in conjunction with down payment assistance programs, including the Dearfield Fund for Black Wealth, an impact investing fund established by Gary Community Ventures to build generational wealth through homeownership. When the two programs are combined, buyers could receive up to $50,000 towards a purchase of a home ($40,000 in repayable down payment assistance from the Dearfield Fund, and $10,000 in grants from FirstBank’s PATH program).
Many Black and African American residents have the income to afford a mortgage and the credit to qualify, but they lack access to capital to make a down payment. The PATH program is intended to provide the capital needed to make homeownership a reality for Colorado’s Black community.
FirstBank is committed to supporting diversity, equity and inclusion for its customers, employees and communities. Through its programs, community funding and workplace DEI initiatives, FirstBank aims to alleviate professional, social and financial obstacles faced by marginalized and underrepresented groups.
To learn more about the PATH grant program, visit efirstbank.com/PATH.
About FirstBank
FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking. It has grown to be one of the largest privately held banks in the United States, maintaining over $28 billion in assets and 100 branch locations across California, Colorado, and Arizona. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $85 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com. Member FDIC.
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