This pilot aims to increase the opportunity for middle-income households to buy market rate homes.
This pilot aims to increase the opportunity for middle-income households to buy market rate homes.
The City of Boulder’s Middle Income Down Payment Assistance (MIDPA) Pilot Program offers middle-income households a zero-interest second mortgage. The loan amount is $200,000 or 30% of the home’s sale price, whichever is less. In exchange for this down payment assistance, the buyer agrees to deed restrict the home to keep it affordable to future buyers.
You must meet the income limit qualifications below to participate in the Middle Income Down Payment Assistance (MIDPA).
NUMBER OF PEOPLE | INCOME MAX | ASSETS MAX |
---|---|---|
1 PERSON | $126,600 | $158,250 |
2 PEOPLE | $144,600 | $180,750 |
3 PEOPLE | $162,720 | $203,400 |
4 PEOPLE | $180,720 | $225,900 |
5 PEOPLE | $195,240 | $244,050 |
6 PEOPLE | $209,640 | $262,050 |
7 PEOPLE | $224,160 | $280,200 |
8 PEOPLE | $238,560 | $298,200 |
Income is based on gross income for standard employees and net income for self-employed applicants.
If there are questions regarding asset limits, please contact program staff as some exceptions can be made for extenuating circumstances (recent divorce, retirement, disability).
Some retirement assets are exempt, see the table below for more information. Retirement assets include: 401(k)s, IRAs, and similar types of accounts. Retirement assets over these amounts are counted as regular assets.
AGE | EXEMPT AMOUNT |
---|---|
Under 40 | $30,000 |
40-55 | $55,000 |
Over 55 | $110,000 |