The Department of Local Affairs (DOLA), through the Division of Housing’s (DOH) State Housing Board, awarded $9,554,000 in Proposition 123 funds to rehabilitate homes and provide homeownership opportunities for Coloradans across the state.
Rehabilitation Awards
Tri-County Housing, Inc., DBA Total Concept (Crowley, Bent, and Otero Counties: $130K)
Tri-County Housing, Inc., DBA Total Concept was awarded $130,000 to provide Single Family Owner Occupied (SFOO) Rehabilitation Assistance loans to households at or below 100% AMI. Total Concept intends to improve the health, safety, and welfare of households in the Otero, Bent, and Crowley tri-county area.
Habitat for Humanity of the San Juans (Delta, Montrose, San Miguel, and Ouray Counties: $3.479M)
Habitat for Humanity of the San Juans was awarded $3,479,000 to provide financial assistance for general repairs and improvements that will improve the health, safety and welfare for owner occupied homes in Montrose, Delta, Ouray and San Miguel Counties. Habitat for Humanity of the San Juans offers 0% interest, 25-year deferred loans for the SFOO rehab program, which is capped at 100% AMI.
Down Payment Assistance Awards
City of Glenwood Springs (Glenwood Springs, CO: $360K)
The City of Glenwood Springs was awarded $360,000 for a two-year contract to launch a Down Payment Assistance program to households at or below 120% AMI.
The Down Payment Assistance program will be available to help mitigate high housing costs and overcome barriers to homeownership for the City of Glenwood Springs. Over the next two program years, the City of Glenwood Springs expects to complete a total of 10 loans; five in year 1, and five in year 2.
HomesFund (La Plata, Montezuma, Archuleta, San Juan, and Dolores Counties: $3.545M)
HomesFund was awarded $3,545,000 to continue to offer Mortgage/Down Payment Assistance Loans for households with incomes at 120% AMI or below in La Plata, Archuleta, Montezuma, Dolores, and San Juan Counties. The funds will facilitate homeownership for approximately 42 households over two years, 17 in rural resort communities (La Plata, Archuleta, and San Juan Counties), and approximately 25 households in the rural communities (Montezuma and Dolores Counties).
Com Act Housing Corporation (Garfield, Mesa, Delta, and Montrose Counties: $2.04M)
Com Act Housing Corporation was awarded $2,040,000 for a 2-year contract to continue providing Down Payment Assistance loans to households at or below 120% AMI.
The Western Slope Down Payment Assistance program is a comprehensive effort to empower modest-income families who are locked out of homeownership because of affordability, down payment, and credit challenges. These loans are combined with individual pre-purchase counseling, group homebuyer education, and lending technical assistance. After closing, clients are supported by post-purchase and foreclosure prevention counseling, emergency repair grants and loans, and weatherization improvements.
Over the next two program years, Com Act Housing Corporation expects to complete a total of 36 loans; 18 in year 1, and 18 in year 2 within Garfield, Mesa, Delta, and Montrose Counties.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.