Denver, CO – January 17, 2019 – Citywide Banks and Habitat for Humanity of Metro Denver kicked off 2019 with a partnership that includes the purchase of home mortgage loans, resulting in an infusion of capital into Habitat’s local homeownership programs.
Citywide Banks purchased six affordable home mortgage loans, totaling $1.235 million, that Habitat Metro Denver had created in 2018. Habitat partners with low-income families in metro Denver to build affordable homes, which are sold to the families with affordable mortgages.
Habitat sets homeowners’ monthly mortgage payments to not exceed 30% of their family’s income, ensuring that housing payments are both affordable and sustainable. Habitat Metro Denver has a foreclosure rate of just 0.3% on its mortgage portfolio, compared to approximately 1.2% for the residential mortgage industry nationwide.
“We are pleased that Habitat for Humanity has given us this opportunity to meet the diverse housing needs in the Metro Denver area,” said Michael Moulton, Chief Financial Officer of Citywide Banks. “With Habitat’s help we are able to reinvest our depositor’s funds back into the local community through this innovative transaction.”
“We’re grateful for our partnership with Citywide Banks,” shares Bruce Godfrey, Chief Financial Officer of Habitat for Humanity of Metro Denver. “Through this mortgage loan purchase, Citywide Banks is providing funding that will increase Habitat’s capacity to serve families in the coming year.”
About Citywide Banks
Citywide Banks is a subsidiary of Heartland Financial USA, Inc. (NASDAQ: HTLF). Citywide Banks is a state-chartered, community-invested bank with assets of approximately $2.3 billion and banking centers located across Colorado's Front Range, Foothills and Mountain communities. Citywide Banks is committed to delivering responsive service, local expertise, and comprehensive financial tools for Colorado businesses and families. For more than 50 years, Citywide Banks has been dedicated to finding ways it can impact its local community and to move Colorado forward. Visit www.citywidebanks.com to learn more. Citywide Banks is a member FDIC and an Equal Housing Lender.
About Habitat for Humanity of Metro Denver
Habitat for Humanity of Metro Denver is part of a global, nonprofit housing organization that seeks to build strength, stability, and self-reliance through affordable homeownership. Families and individuals in need of a hand up partner with Habitat for Humanity to build or improve a place they can call home. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage. Driven by the vision that everyone needs a decent place to live, Habitat for Humanity of Metro Denver has served more than 900 families throughout its 40-year history in Denver. To learn more, visit www.habitatmetrodenver.org.
###News Citywide Banks Purchases $1.235 Million Mortgage Loan Portfolio From Habitat For Humanity Of Metro Denver