If you are a first-time home buyer there are some wonderful financial and educational programs that may be available to you or someone you know. Even if you don’t need or want to qualify for the financial assistance programs, consider utilizing the educational resources and attend free home-buying classes.
Financial Resources:
The Denver United Way has a matched savings program, the Individual Development Account (IDA) , that matches $4 for every $1 saved, up to $1000 participant contribution. That means a total of $5000 available for the qualified participant! The program and funds are for Education, Business or Real Estate (First-Time Home Buyers only). This program educates participants on personal finance and encourages savings. There are income qualifications as well as specific program requirements. This is a wonderful opportunity for a financial boost to those who qualify.
Take Root Denver is another great resource for programs to support Denver Neighborhood home ownership.
The Colorado Housing and Finance Authority (CHFA) offers:
Workshops are conducted monthy by NEWSED’s Housing Counselor. Learn how to strategically buy their first home. Workshops are held every 3rd Saturday of the month from 10:00a.m. to 3:00p.m. If you are interested in attending you must RSVP to Cecilia Cervantes at 303-534-8342 x 107 or Mercedes Fuentes at 303-534-8342 x 124.
Community Resources and Housing Development Corporation
Neighborhood Stabilization Program round 2 (NSP2) focuses on the North Denver Metro areas of Thornton, Northglenn, Westminster, Arvada and unincorporated Adams County and the San Luis Valley: South Alamosa, Monte Vista, Del Norte, Walsenburg, and Hayden; as well as portions of Costilla, Saguache and Conejos counties.
NSP2 Home Buyer Assistance Loan offers a forgivable loan to qualified borrowers set at a minimum five thousand dollars ($5,000.00) and up to twenty-five percent (25%) of the homes appraised value, depending on need, with the maximum amount of assistance capped at fifty thousand dollars ($50,000). The loan is recorded as a second mortgage lien with a fifteen (15) year forgivable affordability period.
Calling Denver Developers:
There are low interest loans available to create and/or maintain housing affordable to lower-income persons. Funds can be used to acquire land/property and to construct or rehabilitate rental or for-sale units. Bridge loans are also available. Get more information here
Last Thursday, the City of Denver Office of Economic Development posted a Request for Proposal (RFP) for the Neighborhood Stabilization Program 3 (NSP3) Request for Proposals (RFP) for Single-Family Homebuyer Housing Development affecting (Tier 1) Globeville and West Colfax and (Tier 2) Elyria Swansea and Villa Park.
This is great news so stay tuned for more opportunities to support home ownership in these neighborhoods.
Please pass the word to anyone you know who would benefit from these great programs. If you know of a program that helps our low income residents experience the benefits of home ownership please post a comment with relevant links.
