BBVA Compass invests $1.8M in Colorado housing fund

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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.

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