FORT COLLINS — Funding Partners of Fort Collins and Mile High Community Loan Fund of Denver have merged to form a new organization: Impact Development Fund (IDF).
IDF is a nonprofit financial institution that creates economic opportunity by delivering flexible capital to strengthen under-served Colorado communities.
IDF builds relationships with investors to make loans that deploy capital where it is most needed to transform neighborhoods and empower fellow members of the community. Investors include banks, government entities and social investors across Colorado so that low income individuals, households and communities can experience economic opportunity.
“We are very pleased and excited about this next stage of our progression. Joining these great organizations into one will only strengthen the partnerships and communities that we serve,” said Sean Doherty, executive director of IDF, in a press release. “The passion of both teams [Funding Partners and Mile High Community Loan Fund] brings fresh energy to programs we offer while providing greater scale to meet growing demand across Colorado.”
As a certified Community Development Financial Institution (CDFI), IDF’s commercial division provides financing to developers of housing that target low and moderate income households and nonprofit organizations seeking to expand or improve facilities.
Flexible repayment terms, subordinated collateral positions, and other credit enhancements are employed to help close the deals. IDF’s retail division provides down payment assistance and manufactured home financing directly to consumers. That division also administers over 35 individual housing funds for various organizations statewide, provides loan origination services for Habitat for Humanity affiliates, and offers energy efficiency financing in partnership with local utility departments.