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Homeownership Programs

Homeownership Programs

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 Program (Homeworks), 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.

The program maintains strict occupancy and rental restrictions to prohibit the homes from becoming income properties:

•Owner occupancy is required.
•Short term rentals (30 days or less) are never permitted for owners of permanently affordable homes per city ordinance.
•Long term rentals of the entire home are limited to one year out of every seven, but not permitted in the first five years. Licensing regulations must be followed.
•A long-term rental of only one room in the home is permitted. Licensing regulations must be followed.

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.

Homeworks: 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 Homeworks 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 Max

Homes are available for two income groups

  1 person 2 people 3 people 4 people 5 people
low/moderate income $52,640 $60,190 $67,690 $75,180 $81,240
middle income $79,200 $90,550 $101,850 $113,100 $122,200

Based on gross income for standard employees and net income for self-employed people

Assets Max

  1 person 2 people 3 people 4 people each additional person
low/moderate income $55,000 $70,000 $85,000 $100,000 +$15,000
middle income $140,000 $155,000 $170,000 $185,000 +$15,000
recently divorced $85,000 $100,000 $115,000 $130,000 +$15,000
permanently disabled $140,000 $155,000 $170,000 $185,000 +$15,000
retired $85,000 $100,000 $115,000 $130,000 +$15,000

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

Solution Grant: Down Payment Assistance Grant

The Solution Grant assists with down payment and closing costs for buyers that qualify for the low/moderate income program. 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 Homeworks homes, or for the Thistle Communities Homeownership Program.

A household that qualifies for the Solution Grant usually has less than $15,000 in assets. There needs to be a demonstrated gap between assets needed to close the transaction and assets available.

Income Max

1 person 2 people 3 people 4 people 5 people
$52,640 $60,190 $67,690 $75,180 $81,240

Based on gross income for standard employees and net income for self-employed people

Assets Max

  1 person 2 people 3 people 4 people each additional person
Standard Household $55,000 $70,000 $85,000 $100,000 +$15,000
Recently Divorced $85,000 $100,000 $115,000 $130,000 +$15,000
Permanently Disabled $140,000 $155,000 $170,000 $185,000 +$15,000
Retired $85,000 $100,000 $115,000 $130,000 +$15,000

 
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

H20: 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. A household that qualifies for the H2O loan usually has less than $25,000 in assets.

The maximum loan amount is 15% 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 Homeworks program.

Income Max

1 person 2 people 3 people 4 people 5 people
$53,120 $63,720 $68,320 $75,840 $81,920

Based on gross income for standard employees and net income for self-employed people.

Assets

  1 person 2 people 3 people 4 people each additional person
Standard Household $55,000 $70,000 $85,000 $100,000 +$15,000
Recently Divorced $85,000 $100,000 $115,000 $130,000 +$15,000
Permanently Disabled $140,000 $155,000 $170,000 $185,000 +$15,000
Retired $85,000 $100,000 $115,000 $130,000 +$15,000


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

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 $33,650 $44,750
2 $38,450 $51,150
3 $43,250 $57,550
4 $48,050 $63,900
5 $51,900 $69,050

How to Apply

If you are interested in applying to the Home Repair Program, please call our partner, Longs Peak Energy Conservation at 720-864-6401.

Mobile Home Repair Program

Funding is also available for repairs to mobile homes located within the City of Boulder. For details about the Mobile Home Repair Program and to apply, please contact our partner, Longs Peak Energy Conservation, or call at 720-864-6401.

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%
  • 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
  • Agree to all covenant restrictions

Additional Requirements for Down Payment Assistance:

  • H20: 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.
  • H20: you must work in the city of Boulder.
  • H20 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

Metro Mortgage Assistance Plus (MMAP) Downpayment Grant

MMAP, administered by the City of Denver, makes available to income eligible people buying in Boulder a non-repayable grant for up to 4% of the home’s purchase price. Please talk to your lender about this possibility or visit www.denvergov.org and search for “Metro Mortgage Assistance Plus”

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. As this is new construction you may have the six month needed between now and the time your close. For more information www.bouldercountypie.org


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