FirstBank Finances $500 Million in Affordable Housing, Unlocking Access to Homes in Colorado and Arizona
April 30 2024 - 12:10PM
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
Brin303.235.1402Chandra.Brin@efirstbank.com