‘HomesFund’ Offering Funding Assistance for Affordable Housing
By Lisa Bloomquist Palmer
Developers of affordable housing in La Plata, Montezuma, Archuleta, and San Juan Counties have a new source of funding for development of affordable housing.
HomesFund has expanded its loan products to include Development Support Loans that provide predevelopment financing to developers of affordable housing. Developers of rental or for-sale homes that house families with incomes below 80% of the area median (determined by the U.S. Department of Housing and Urban Development) may be eligible for predevelopment loans of up to $250,000.
The HomesFund Development Support predevelopment loans can be used to cover architectural services, geotechnical studies, environmental assessments, appraisals, and other expenses incurred when developing affordable housing.
The HomesFund Development Support Loans will be targeted to developers of affordable housing that utilize the Low Income Housing Tax Credit (LIHTC) program, but the loans are not limited to developers utilizing the LIHTC program. All developers who use the HomesFund Development Support products must be developing housing that is affordable to low income households.
HomesFund is implementing the Development Support Loan Program to help increase the supply of affordable housing in Southwest Colorado, and to help alleviate the pressure that high housing costs have put on the area’s working families.
Since 2008, HomesFund (previously known as the Regional Housing Alliance and the La Plata Homes Fund) has provided downpayment assistance loans to eligible homebuyers in the area. HomesFund will continue to offer downpayment assistance loans, as well as homebuyer education classes and one-on-one housing counseling.
HomesFund will be working with Mile High Community Loan Fund, a Denver-based affordable housing lender, to underwrite and service the Development Support Loans.
Interested affordable housing developers should contact HomesFund at 970-259-1418 or email Lisa Bloomquist Palmer at Lisa@homesfund.org.
Lisa Bloomquist Palmer is Executive Director of HomesFund, a 501c3 based in Durango, Colorado.