Sunflower Bank Commits $4.5 Million to the Willow Estates Affordable Housing Development Project in Colby, KS

Sunflower Bank is committed to enhancing the communities in which our employees and customers live, work, and raise their families. The Willow Estates project in Colby, KS was a perfect investment opportunity for us to help address a growing housing need in one of our communities.

Willow Estates will contain nine high-quality affordable duplexes (18 units) and an office/maintenance building. Twelve units are targeted to people making at or below 60% of the area median income (AMI) and six units are for those at 50% AMI with rents set accordingly. Developed as a direct response to Colby’s need for more housing options for its workforce, Willow Estates promises essential affordable housing and serves as a model for future collaborative efforts to improve the quality of life in Kansas.

The project’s local ties run deep. The City of Colby supported the initiative by providing sales tax exemptions and fee waivers, Woofter Construction & Irrigation served as the local general contractor, and Sunflower Bank, with our branch in Colby, both invested in the project and are providing the construction and permanent financing for the development. The project was made possible by Federal Low-Income Housing Tax Credits and State Affordable Housing Tax Credits provided through the Kansas Housing Resources Corporation.

group of 5 bankers at constructino site

The groundbreaking ceremony for Willow Estates was hosted by Midwest Housing Initiatives and Excel Development Group on Wednesday, May 22, 2024. Kyle Stingley, Community Development Officer, and National Community Development Lender for Sunflower Bank, spoke passionately about the project at the event. He emphasized our dedication to Colby and its residents.

“Sunflower Bank’s participation in the Willow Estates project embodies our mission: ‘Bringing out the best in the lives we touch … Creating Possibility.’ Our $4.5 million investment in this affordable housing development demonstrates our long-term commitment to the Colby community, enhancing quality of life and economic mobility for families,” Stingley stated.

Through the combined efforts of our dedicated partners, the Willow Estates project is set to make a lasting positive impact on the Colby community, bringing new opportunities and improved living options to its residents.

financing sign at construction site featuring Sunflower Bank

group of six people digging with shovels to break ground on project

About Midwest Housing Initiatives:

Midwest Housing Initiatives (MHI) was established in 2002 and is a non-profit 501(c)(3) housing corporation with experience in developing affordable housing projects using Low-Income Housing Tax Credits (LIHTCs), HOME Funds, FHLBank of Topeka AHP Funds, Tax Increment Financing, Housing Trust Funds, conventional lending, and other sources. To date, MHI has developed projects in Nebraska, Kansas, and Oklahoma, totaling over 700 units.

About Excel Development Group:

Excel Development Group is a development, property management, and consulting firm specializing in affordable housing for over 35 years. Excel Development Group has completed over 2,500 low to moderate-income, and market-rate units totaling over $300 million in development throughout the Midwest. Excel Development Group creates partnerships with not-for-profit and for-profit housing organizations, community organizations and city, county, and state agencies to produce high-quality affordable housing.

diverse hands coming together

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