FirstBank Finances $500 Million in Affordable Housing, Unlocking Access to Homes in Colorado and Arizona
Since 2020, FirstBank has financed more than 14 affordable housing developments and over 3,000 units
LAKEWOOD, Colo., April 30, 2024 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” has partnered with numerous organizations to finance over $500 million in affordable housing projects since 2020. The bank recently launched Unlocking Colorado and Unlocking Arizona, a content series showcasing developments that expand affordable housing in both states.
“As housing prices continue to rise, many families are finding it difficult to live in neighborhoods they could once afford,” said Kevin Classen, CEO of FirstBank. “Investing in affordable housing developments is not just about writing a check. It’s about collaborating with partners to eliminate barriers and build communities, so we can increase economic mobility, and decrease intergenerational poverty.”
The median home price in Colorado is $612,000, and $435,000 in Arizona, making affordable housing unattainable. In response, FirstBank partnered with several organizations dedicated to addressing housing needs across both states.
FirstBank financed the following projects in Colorado:
- 30PRL: A car dealership in Central Boulder was converted into a mixed-use development, offering 120 affordable housing units, 10 supportive units for people experiencing homelessness and job opportunities for people with disabilities.
- Alto: Offers 70 units and office space in Westminster, targeting residents earning 60% or below the area’s median household income.
- Green House Project: This 5-acre development, created by the Housing Authority of the City of Loveland, provides senior housing, and accepts Medicare payments.
- Liberty View Apartments: The Aurora Housing Authority developed this 59-unit apartment complex, which is dedicated to housing veterans.
- Peoria Crossing I and II: A transit-oriented community located only half a mile from Aurora’s RTD light rail with 154 units.
- Smith Ranch: Located in Silverthorne, CO, this affordable housing project is a large development containing 214 units on 51.5 acres.
- Sun Valley Redevelopment (DHA): The Denver Housing Authority (DHA) is developing nearly 1,000 units and an 11-acre regional park in one of Denver’s lowest-income communities.
- Willoughby Corner: This is one of Colorado’s largest Net-Zero-Ready affordable housing developments, featuring 400 ‘for rent’ and ‘for sale’ units in Lafayette.
- Belmar Groves: A 118-unit apartment complex undergoing a $25 million renovation to make the units more accessible to underserved and disabled communities.
FirstBank financed the following projects in Arizona:
- Cabana Encanto, Cabana Bullard, and Cabana Happy Valley: FirstBank helped developer Greenlight Communities finance over 900 attainable rental units across Phoenix.
- Rose Terrace and Casa Bonitas: In partnership with the Housing Authority of Maricopa County, FirstBank supported the renovation and development of 150 units in Avondale and Surprise.
- Newtown Micro Estates: FirstBank contributed to creating 13 modern tiny homes in Tempe.
“One of our best partners over the years has been FirstBank,” said Cris White, CEO and executive director of the Colorado Housing and Finance Authority (CHFA). “FirstBank’s views are beyond that of just being a lender. The people who work there and run the organization embody that community banking spirit and actively want to invest in bettering the world around them.”
In addition to providing affordable housing loans, FirstBank expanded the Providing Access to Homeownership (PATH) grant program. PATH helps remove barriers to homeownership for Black and African American families – the historically least likely ethnic/racial group to own a home. Since its inception in 2021, PATH has helped more than 200 families purchase their first home.
To learn more about how FirstBank supports affordable housing, visit the First-Time Homebuyers Resource webpage at efirstbank.com or browse additional homeownership tips and tricks at efirstbankblog.com.
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 top performing and largest privately held banks in the United States, maintaining over 100 branch locations across Colorado, Arizona, and California. 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 $90 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.
Media Contact:
Chandra Brin
303.235.1402
[email protected]
