BBVA Compass of Houston has made a $1.8 million investment in the Mile High Community Loan Fund to support affordable housing lending in four Colorado cities.
The fund provides loans to both for-profit and nonprofit affordable housing organizations.
The money is being used to finance housing for low- and moderate-income people in Greeley, Fort Collins, Colorado Springs and Boulder.
Greeley has seen a 6% year-over-year increase in rents, while Colorado Springs has seen a 7% rise, according to the Colorado Association of Realtors. Statewide, average home prices have increased 11.2% from a year ago.
"These non-metro areas are experiencing acute housing distress, and the greatest adverse impact is on our low- to moderate-income communities, of course," said Sean Doherty, executive director of Mile High Community Loan Fund and a member of the BBVA Compass Community Advisory Board, in a press release.
This brings BBVA Compass' total investment in the fund to $3.3 million. Its previous investment supported affordable housing in the Denver area.
