Kids musical movie from 80's
I'm thinking of a movie that was about a town with people that represented different colors. There was a purple woman who lived by herself, a red family, etc. There was one rainbow woman, but when the people didn't get along, she lost her colors. At the end, the rainbow woman (now white), got hurt, and all the people came together to help her. Because they all got along again, she regained her rainbow colors. They all sing "Make new friends, but keep the old, some are silver and the others gold"
Anyone know the title?