Colorado Homebuyer Resources
The Colorado Community Land Trust (CCLT) is a nonprofit organization founded in 2002 with the mission of creating and preserving in perpetuity, affordable homeownership opportunities for moderate-income individuals and families. Originally called the Lowry Community Land Trust, CCLT initially focused on the redevelopment of the former Lowry Air Force Base. In 2006, they expanded their service area to include the entire Denver metro area. If you are a moderate income earner and are interested in purchasing a home, the CCLT may be able to help.
The City of Denver's affordable housing ownership program is specifically designed to help qualified, modest-income residents own safe, affordable condos and houses. To purchase one of the city’s affordable units, buyers must fall between certain minimum and maximum income limits and demonstrate that the new housing payment would not exceed 30% of total household monthly gross income.
Elevation CLT is working to make homeownership more accessible for Colorado families through the community land trust model. Elevation CLT is acquiring or developing 700 permanently affordable homes and plans to serve approximately 2,000 residents in its first five years. Check their website for more information and to see if you qualify.
Habitat for Humanity’s homeownership program is designed to help individuals and families build and buy their own homes. To be eligible, homebuyers must be within set income limits, among other financial requirements.
Down Payment Assistance Programs
Homebuyers using one of CHFA's loan programs to finance their home purchase are eligible to use down payment assistance options. They are the largest provider of down payment assistance in the state. They offer two down payment assistance programs: a three percent grant or a four percent loan. For both programs, homebuyers must complete homebuyer education, not exceed income limitations, and put at least $1,000 down.
MetroDPA is a down payment assistance program for low and moderate-income individuals and families. The program provides down payment assistance as a zero-interest, forgivable 2nd mortgage. MetroDPA can help with down payment and closing cost assistance of up to 5% loan value on a 30-year fixed rate mortgage. This program is offered by the Denver Office of Economic Development.
Colorado's Community Resources and Housing Development Corporation (CRHDC) is part of the NeighborhoodLIFT program with Wells Fargo and NeighborWorks® America. NeighborhoodLIFT provides eligible homebuyers with $15,000 of down payment assistance on qualified properties. Assistance is not limited to first time homebuyers; borrowers' annual income must not exceed income limits. Income limits are higher for military service members, veterans, law enforcement officers, pre-K-12th-grade teachers, firefighters, and emergency medical technicians.
Free one-on-one financial counseling intended to help clients do the following: take control of their debt, deal with debt collectors, improve their credit, build savings, create a budget, find safe and affordable financial products and other services based on client needs.
Operation HOPE provides financial literacy empowerment and economic education. They offer free classes or one-on-one counseling to those looking to improve their credit scores, create budgets and savings plans, and more.
The Colorado Housing Finance Authority (CHFA) offers free homebuyer education courses in-person in locations across Colorado. Low-cost online are also offered.
The Lower Income Voucher Equity Program (LIVE Denver) creates affordable housing options by connecting vacant market rate units with workforce families and individuals. LIVE bridges the gap in contract rent and participant ability to pay through funds provided by The City of Denver, foundations, and employers. Participants contribute 35% of their income towards their rent payment and the rent buy-down funds pay the balance of the rent. To qualify, one person in the household must be working full time and household income levels must be within 40-80% of Area Median Income.
Sunshine Home Share Colorado matches “Home Providers” and “Home Seekers” by creating agreed-upon guidelines for becoming housemates. Home sharing allows home providers to generate income, trade rent for assistance with basic household chores if needed and creates housing options for people needing an affordable place to live.
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