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Homeownership Programs

Homeownership Programs


In response to COVID-19, the City of Boulder Homeownership Program has made temporary program adjustments. Please visit this webpage for details.
 

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.

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 $96,400 $110,150 $123,905 $137,660 $148,780 $159,785 $170,790 $181,790
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

 

Wait list and time to get a home

Permanently Affordable Housing Inventory Profile - See how many homes may fit your individual situation

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 $64,160 $73,310 $82,465 $91,620 $99,020 $106,345 $113,670 $120,990

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 $96,720 $110,520 $124,320 $138,120 $149,280 $160,320 $171,360 $182,400
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 $64,480 $73,680 $82,880 $92,080 $99,520 $106,880 $114,240 $121,600
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

The City of Boulder has contracted with the City of Longmont to administer our Housing Rehabilitation Program.

The City of Longmont will work with homeowners through the application intake process, contracting with an eligible contractor, and the completion of the repair work.

Minimum qualifications for the Housing Rehabilitation programs are that properties must be located within the city limits of Boulder, households must meet income guidelines, and properties must be owner-occupied (except for Accessibility Program).

Income and Asset Limits: Households’ income and assets may not exceed the limits based on household size. For specific program income limits, please visit the City of Longmont webpage.

Additional qualifications apply , for more information or to request an application packet, contact Molly McElroy with the City of Longmont.
 

General Repair Program

Designed to help income and asset-qualified homeowners fix problems in their homes such as roofing, plumbing, heating, electrical, etc. Up to $25,000 in assistance is provided in the form of a deferred loan, and is prioritized to eliminate health and safety issues, correct code violations, make the home more energy-efficient, and undertake cosmetic improvements.

The assistance is provided as a deferred loan. A lien is placed on the property and the loan is repaid when the home is sold, refinanced, or is no longer the owner's primary residence, or if the title is transferred. No interest accrues on the loan.

Mobile homes are ineligible for this program. An exception may be made for homes with a permanent foundation on land that is owned by the occupant.

Accessibility Program

This program makes a home more accessible for income and asset-qualified renters or homeowners with a disabled or elderly family member. Improvements can include construction of ramps, widening of doorways, and modifications to bathrooms and kitchens.

For owner-occupied properties:

  • For projects that cost up to $5,000 in assistance in the form of grant that is not repaid.
  • Projects above $5,000 to a maximum of $10,000 will a forgivable loan (one-fifth of the loan is forgiven each year the homeowner continues to owner-occupy the property. The entire debt is forgiven after 5 years. If the home is sold, refinanced, or is no longer the owner’s primary residence, or the title is transferred before the five-year period, a portion of the loan is required to be repaid).
  • Mobile homes are eligible for the grant

For tenant-occupied properties:

  • A maximum of $10,000 in assistance will be as a  forgivable loan  (one-fifth of the amount of the loan is forgiven each year a disabled tenant  continues to rent  the property)

Mobile Home Repair Program

This grant, up to $10,000, assists mobile homeowners to make emergency repairs that pose a serious threat to the health and safety of the family (e.g., furnace or water heater that no longer work) and weatherization repairs (e.g., insulation, storm windows).

Mobile homes located on a pad or cinder blocks, that have the axles removed, and are located on property not owned by the homeowner are eligible.

Emergency Repair Program

Assists income and asset-qualified homeowners with emergency housing problems that pose an immediate threat to the health and safety of the household. A grant up to a maximum of $3,000 is available to correct immediate health and safety issues (e.g., inoperable furnace or water heater, and potentially hazardous plumbing and electrical systems). The grant is not repaid.


How to Apply

Contact Molly McElroy with the City of Longmont
303-774-4648
[email protected]


 

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 PROGRAMS


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

Equal Housing Opportunity logo

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