Homes in the Boulder Regional Affordable Homeownership Program 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 in the program are located across the Boulder Valley; most of the homes are in the City of Boulder. Homes currently for sale in this program are listed on the Homes for Sale page.
This program offers opportunities for homeownership to those with low, moderate, and middle incomes. Learn more about who qualifies and find answers to frequently asked questions below.
To qualify, households much meet certain income and asset limits. Below are the max income and asset limits for the program.
Each Permanently Affordable home has its own income limit and many are lower than these limits. Check the homes for sale page for examples.
Income is based on gross income for standard employees (income before tax and other deductions) and net income (earnings after business costs are taken out) for self-employed people. For all people, the estimated earnings over the next 12 months are used.
Assets include checking accounts; savings accounts; investment accounts; retirement accounts; and similar types of accounts.
| NUMBER OF PEOPLE | INCOME MAX (120% AMI) | 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 |
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 |
The program limits the amount of debt allowed. Debt is money borrowed that needs to be paid back to others. The monthly debt payments need to be less than the monthly income. Comparing monthly debt to monthly income is called a “debt-to-income ratio.” This ratio is figured by dividing the monthly debt by the monthly income (monthly-debt / monthly-income). Most of the time the program needs the ratio to be less than 42-45%. Having a lower number is good. Learn more on the Investopedia website.
Buying a home in the program does not happen quickly; it can take between 6 months to more than a year. Various factors impact the length of time it takes to purchase a home including:
Many programs will work with this program including:
If you have specific questions, please contact the program at homeownership@bouldercolorado.gov or by phone at 303-441-3157.
The city's program is now a part of the Boulder Regional Affordable Homeownership Program. The City of Boulder still has down payment assistance programs.
No. Households who have owned a home before can qualify.
Yes, current homeowners can qualify. However, if you already own a home, it needs to be sold before buying a home in the program. Households can still apply while owning a home.
No, households cannot buy a second home through this program. Before buying in the program, you must sell all other property. Households can still apply while owning a home.
Household income includes income from everyone living in the home and is calculated using pay stubs, information from employers, tax records, bank deposits, applicant estimates, and other information.
Gross income, income before tax and other deductions, is used for regular employees. Net income, earnings after business costs are deducted, is used for self-employed applicants.
Social Security, other retirement income, disability income, child support, and public assistance income are also included.
When reviewing income, a projected income for the next 12 months, including expected increases, is calculated.
Yes, interest and income earned from assets is included in a household's overall income.
Assets include:
Assets do not include cars, jewelry, and other similar items.
Most assets need to be verified by providing bank statements or similar documents.
Income caps are based on annually updated Area Median Income numbers. Area Median Income, commonly referred to as "AMI," is a federal calculation based on census data. Half of households make less than the 100 percent Area Median Income and half make more.
The program’s cap is 120% of AMI. The dollar values above are 120% of AMI.
Each home has its own income limit, and many have lower limits than the max limit listed above. Households may qualify for the program but not qualify for all homes. Specific income limits are listed on each home's webpage.
The asset caps are based on the income caps. The asset cap is the current AMI (100% AMI) times 1.5. For example, if the 100% AMI is $93,000, the asset cap is $139,500 (93,000x1.5 = 139,500).
The program views a person as retired if:
The program uses the HUD disability definition and generally views a person as disabled if:
Sometimes, disabilities require documentation. Program staff can help applicants navigate these requirements.
After a household has purchased a home, income and asset caps no longer apply.
