Homeownership Programs
Announcement
T he Homeownership Program office has moved to a new location at 2160 Spruce Street in Boulder. You pick up and drop off your application materials at this new location.
Homeownership Programs
The City of Boulder is committed to making homes in our community available to a variety of people. We offer opportunities for homeownership to those with low, moderate, and middle incomes.
We promote homeownership through three programs: Permanently Affordable Homes Program, Downpayment Grant (Solution Grant), and Downpayment Loan (House to Homeownership - H2O). You'll find a summary of programs below, but please read the Homebuyer Handbook for details on each program.
Free classes are available on-line and in-person to help people better understand the programs and home buying process. If you move forward with an application some of these classes are required.
To receive new home listings and program updates, sign up for our weekly e-mail. Click here to Sign Up.
Permanently Affordable Homes
To make sure a supply of homes in Boulder will always be affordable to those with low to middle incomes, the Division of Housing has created the Permanently Affordable Homes Program. Homes are sold at below market-rate prices to income eligible buyers who intend to owner occupy the home. Homes are permanently affordable and governed by an Affordability Covenant that limits the resale price and places other restrictions on the home. Homes for sale in this program are listed on our website.
Income & Asset Max
Each Permanently Affordable home has its own income and asset limit. Many are lower then these limits. Check the homes for sale listed on our website for examples.
| 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people | |
|---|---|---|---|---|---|---|---|---|
| Income Max | $92,655 | $105,810 | $119,075 | $132,230 | $142,825 | $153,415 | $164,010 | $174,600 |
| Assets Max | $140,000 | $155,000 | $170,000 | $185,000 | $200,000 | $215,000 | $230,000 | $245,000 |
Income is based on gross income for standard employees and net income for self-employed people.
Some homes also have asset limits based on a household’s status (retired, recently divorced, disabled).
Exempt Retirement Assets
Retirement assets can be deducted based on this chart. Assets must be in a designated retirement account to be exempted.
| Age | Exempt Amount |
|---|---|
| Under 40 | $30,000 |
| 40-55 | $55,000 |
| Over 55 | $110,000 |
Homeownership Eligibility Status Calculator - Check Your Status Here
Solution Grant: Down Payment Assistance Grant
The Solution Grant assists with down payment and closing costs for buyers with lower assets. The grant bridges the gap between money the buyer has available for down payment and closing costs and the minimum required to close. These grants are for buyers purchasing select Permanently Affordable homes, or Thistle Communities Land Trust homes in the City of Boulder.Each listing on our website will indicate if the home is eligible for a Solutions grant.
Income Max
| 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people | |
|---|---|---|---|---|---|---|---|---|
| Income | $60,815 | $69,450 | $78,155 | $86,790 | $93,745 | $100,695 | $107,650 | $114,600 |
Income is based on gross income for standard employees and net income for self-employed people
Asset Max
The asset limit is dependent on each situation and can vary based on the household saved assets and the home they are purchasing. Generally, applicants who receive a grant have less than $15,000 in assets. There needs to be a demonstrated gap between assets needed to close the transaction and assets available.
Exempt Retirement Assets
Retirement assets can be deducted based on this chart. Assets must be in a designated retirement account to be exempted.
| Age | Exempt Amount |
|---|---|
| Under 40 | $30,000 |
| 40-55 | $55,000 |
| Over 55 | $110,000 |
Middle Income Down Payment Assistance Program - NEW
In November 2019 Boulder voters passed a ballot measure allowing the City of Boulder to borrow money to create a loan fund targeted at middle income households wishing to purchase a home in Boulder. This assistance, in the form of a second loan on a market rate home in Boulder, will allow a homebuyer to cover the gap between the money they have for down payment and the amount they need to buy. There will be no monthly payment obligation on this loan. As a result, a homeowners overall monthly payments are lower which makes the home more affordable. As part of the agreement, the home becomes part of the City’s Permanently Affordable Program which will restrict the future resale price. As a result, future qualified buyers will benefit from a home priced at below market rate.
Income and Asset Max
The income cap to qualify will be set at 120% of the Area Median Income. Those earning less than this limit would be eligible.
| 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people | |
|---|---|---|---|---|---|---|---|---|
| Income | $95,520 | $109,080 | $122,760 | $136,360 | $147,240 | $158,160 | $169,080 | $180,000 |
| Assets | $140,000 | $155,000 | $170,000 | $185,000 | $200,000 | $215,000 | $230,000 | $245,000 |
Income will be based on gross income for standard employees and net income for self-employed people.
Exempt Retirement Assets
Retirement assets can be deducted based on this chart. Assets must be in a designated retirement account to be exempted.
| Age | Exempt Amount |
|---|---|
| Under 40 | $30,000 |
| 40-55 | $55,000 |
| Over 55 | $110,000 |
Loan
Up to $200,000 will be loaned to a household. Payment will not be made during the term of the loan. At ten years the full amount will be due back plus interest. If the home is sold before 10 years, the loan will be due at the time of sale.
Next Steps
City staff are currently working on developing the details of this new program with the goal of making the first loans in 2020. If you have questions or would like to be added to the interest list please email [email protected] Those on the interest list will be contacted as soon as program details have been finalized.
H2O: House to Home Ownership Down Payment Assistance Loan
The H2O program provides a buyer with a second loan to pay some of their down payment. This results in a larger down payment and lower monthly mortgage costs. There needs to be a demonstrated gap between assets needed to close the transaction and assets available.
The maximum loan amount is 15 percent of the purchase price or $50,000, whichever is less. There are no payments for 15 years unless the home is sold or title is transferred. The loan will be due in its entirety plus a percentage of appreciation earned since purchase. H2O can be used to buy most homes in the City of Boulder except those in the Permanently Affordable Homes Program.
Income and Asset Max
| 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people | |
|---|---|---|---|---|---|---|---|---|
| Income | $63,680 | $72,720 | $81,840 | $90,880 | $98,160 | $105,440 | $112,720 | $120,000 |
| Assets | $55,000 | $70,000 | $85,000 | $100,000 | $115,000 | $130,000 | $145,000 | $160,000 |
Income is based on gross income for standard employees and net income for self-employed people.
Exempt Retirement Assets
Retirement assets can be deducted based on this chart. Assets must be in a designated retirement account to be exempted.
| Age | Exempt Amount |
|---|---|
| Under 40 | $30,000 |
| 40-55 | $55,000 |
| Over 55 | $110,000 |
Home Repair Programs
ATTENTION: The previous service provider is no longer administering the Housing Rehab and Mobile Home Repair Programs for City of Boulder households. The city is currently working to find another community agency to administer this program. We are not able to receive applications at this time but please let us know if you would like to be placed on an interest list by emailing us at [email protected] When we find another partner to administer the program, we will notify all those on the interest list.
If you own a home in the City of Boulder that needs repairs, but you don’t have the cash or equity to finance them, the Division of Housing may be able to help! We offer low-interest loans for health and safety repairs and energy conservation measures of up to $25,000 for single family homes. Repayment of the loan is deferred for fifteen years or until you sell your home, whichever comes first.
To qualify for home repair loans:
- You must own and occupy your home and it must be your primary residence.
- Your home must be located in the City of Boulder.
- You must have lived in your home for one year.
- You must demonstrate a financial need.
- Your assets can not exceed $50,000 (excluding the value of your home). Some retirement assets are exempt.
The amount of interest you are charged is based on your annual income which can not exceed the following:
| Household Size | 1% Interest Loan | 3% Interest Loan |
|---|---|---|
| 1 | $39,800 | $52,850 |
| 2 | $45,450 | $60,400 |
| 3 | $51,150 | $67,950 |
| 4 | $56,800 | $75,500 |
| 5 | $61,350 | $81,550 |
| 6 | $65,900 | $87,600 |
| 7 | $70,450 | $93,650 |
| 8 | $75,000 | $99,700 |
How to Apply
More information coming soon.
Mobile Home Repair Program
Funding is also available for repairs to mobile homes located within the City of Boulder. More information coming soon.
EnergySmart - Your Efficiency Solutions
EnergySmart is available to help residents and businesses in all Boulder County communities submit rebate applications, select energy efficient equipment, and find qualified contractors. Sign up today at www.energysmartyes.com or call 303-544-1000 for homes or 303-441-1300 for businesses.
Other Program Requirements
Other eligibility requirements are summarized below:
For All Programs:
- Completion of city orientation and homebuyer education class
- One member of the household must work 30 hours/week unless retired or disabled
- Have a minimum of $2,000 toward down payment/closing costs (these costs will likely exceed $2,000)
- Qualify for a first mortgage loan
- Total debt to income ratio should not exceed 42 percent (learn more about debt to income ratios)
- May not own another home at time of purchase
- Home must be owner-occupied, rental restrictions apply
- Number of bedrooms may only exceed number in household by one
- Minimum work history of one year within the most recent 12 months
- Agree to all covenant restrictions
Additional Requirements for Down Payment Assistance:
- H2O: You must be a first-time home buyer, which is defined as not owning a home within the previous 3 years, unless divorced within that period.
- H2O: you must work in the city of Boulder.
- H2O and Solution Grant: funds are limited and available on a first-come, first-served basis.
PARTNER PROGRAM
Buyers in our programs also may take advantage of these partner programs when buying a home.
MetroDPA
The MetroDPA Program is administered by the City of Denver, and the City of Boulder is a participating jurisdiction. MetroDPA makes available to income eligible buyers a forgivable loan for up to 5% of the primary loans value.
Match for Down Payment Savings (6 month lead time needed)
The Boulder County Personal Investment Enterprise program will give qualified applicants a $4 match for every dollar they save for down payment up to $1000 ($4000 match). Funds need to be saved in a special account and require a six month saving period. For more information www.bouldercountypie.org
Notice of Nondiscrimination
The City of Boulder, Division of Housing does not discriminate on the basis of race, color, religion, gender, age, national origin, disability, marital status, familial status, sexual orientation or military status in any of its programs, services or activities.
Reasonable Accommodation
The Department of Housing and Human Services, upon request, will provide appropriate aids and services leading to effective communication for qualified persons with disabilities so they can participate equally in programs, services and activities. Anyone who requires an auxiliary aid, communication service, or a reasonable accommodation to participate in a program, service, or activity of the Department, should call the ADA/Section 504 Coordinator at 303-441-3231. For hearing or speech impaired residents, please dial 7-1-1 for Relay Colorado.
For more information on legal notices and resources, visit: bouldercolorado.gov/housing/legal-notices