FirstBank announced that it has been awarded a $1 million grant through the Colorado Health Foundation to sustain the Providing Access to Homeownership (PATH) grant program.
“The Colorado Health Foundation has successfully partnered with FirstBank on previous housing initiatives, so this was an easy ‘yes’ for us,” said Senior Program Officer Tracey Stewart of the Colorado Health Foundation in a May 30 release.
The PATH program has a focus on eliminating obstacles to homeownership for Black and African communities in Colorado by offering $10,000 grants towards buying a home. FirstBank collaborated with the Colorado Housing and Finance Authority (CHFA) and Impact Development Fund (IDF) in an effort to assist Black and African American homebuyers in Colorado through covering down payments and closing costs.
“We commend FirstBank for stepping in to support communities that face many complex challenges entering homeownership,” Stewart said. “We look forward to another success story with such a great partner.”
According to the release, FirstBank has been providing banking services since 1963 and has become an industry leader in digital banking. The organization is one of the largest privately held banks in the country, with $28 billion in assets and 100 branch locations in California, Colorado and Arizona. FirstBank offers consumer deposit accounts, mortgages, home equity loans, rental property loans and other banking services. It has also been a leading philanthropist, with $85 million and thousands of volunteer hours going to charities. The organization has a focus on diversity, equity and inclusion.
An example of how PATH grants have helped include Dearfield Fund for Black Wealth, which is an impact investing fund that was established by Gary Community Ventures to build generational wealth through buying a home. The two programs combine to allow for $50,000 to buy a home, with $10,000 coming from PATH.
“At FirstBank, we are committed to providing increased access to resources and helping create financial stability for Coloradans who have been historically underserved,” said Jim Reuter, CEO of FirstBank. “Since real estate is the largest source of intergenerational wealth, and stable housing offers numerous financial, health and psychological benefits, we are thrilled to continue supporting families in their homeownership journey.”
