FirstBank Announces $55M in Financing for Affordable Housing Development Willoughby Corner Near Denver

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Willoughby Corner
Once finished, Willoughby Corner will be Net Zero Ready certified through the use of on-site solar production and geothermal technology, as well as energy-efficient building designs and materials. The first phase is estimated to be complete by year-end 2024.

FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” has financed over $500 million in affordable housing since 2020. Recently FirstBank financed $55 million in loans for Willoughby Corner, one of the largest net-zero-ready affordable housing developments in Colorado. Once complete, Willoughby Corner will feature 400 affordable ‘for rent’ and ‘for sale’ units.

FirstBank, which is financing the first two phases including 129 units and community center, was able to provide the developer, Boulder County Housing Authority (BCHA), with an extended ‘rate-lock’ on its loan amid rising interest rates. This helped BCHA navigate a complicated closing process and deliver much needed affordable housing to the Boulder area.

“Our team is stacked with wonderful partners, and FirstBank has been especially instrumental in supplying financial resources to bring this project to life,” said Molly Chiang, Development Director at BCHA. “Their commitment to increasing affordable housing in our local community and throughout Colorado is evident. We’re thankful to have a financial partner who prioritizes the needs of the community as much as we do.”

Willoughby Corner will offer housing for families, individuals, and senior citizens in east Lafayette who are at or below 60 percent of the Area Median Income. Monthly rent for a 1-bedroom will range from $821 – $1,642, depending on income.

In addition to providing affordable housing loans, FirstBank introduced 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.

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.