LAKEWOOD, Colo., April 30, 2024 (GLOBE NEWSWIRE) -- FirstBank, one of the nation's largest privately held banks with a focus on "banking for good," has partnered with numerous organizations to finance over $500 million in affordable housing projects since 2020. The bank recently launched Unlocking Colorado and Unlocking Arizona, a content series showcasing developments that expand affordable housing in both states. "As housing prices continue to rise, many families are finding it difficult to live in neighborhoods they could once afford," said Kevin Classen, CEO of FirstBank. "Investing in affordable housing developments is not just about writing a check. It's about collaborating with partners to eliminate barriers and build communities, so we can increase economic mobility, and decrease intergenerational poverty." The median home price in Colorado is $612,000, and $435,000 in Arizona, making affordable housing unattainable. In response, FirstBank partnered with several organizations dedicated to addressing housing needs across both states. FirstBank financed the following projects in Colorado: 30PRL: A car dealership in Central Boulder was converted into a mixed-use development, offering 120 affordable housing units, 10 supportive units for people experiencing homelessness and job opportunities for people with disabilities. Alto: Offers 70 units and office space in Westminster, targeting residents earning 60% or below the area's median household income. Green House Project: This ...