BOULDER, Colo. — The City of Boulder launched a pilot program in order to help middle-income community members buy a home in the city.
“The goal of this pilot program is to encourage home ownership opportunities for middle income households in the city,” said Hollie Hendrikson, City of Boulder housing policy senior project manager. “We’re talking firefighters, teachers, architects. Like, there’s all these community members we need for a healthy community that are priced out. So the goal of the program is to get those families to live where they work.”
Through the Middle Income Down Payment Assistance pilot program, the city will help qualifying participants with the down payment. In return, the home will become “permanently affordable” through a deed restriction, according to the city.
The city would provide a loan of up to $200,000 or 30% of the home’s sale price, whichever is less. The 0% loan must be repaid in 15 years or whenever the home is refinanced or sold.
Participants would need to earn 120% of the area median income. According to Hendrikson, a family of four would need to earn $160,000 a year to qualify.
“For a household earning $160,000 in many parts of the country would be not considered middle income. But for the city of Boulder, it’s squarely in that middle income profile,” said Hendrikson.
The goal is to keep homes affordable to middle-income families going forward.
Hendrikson said there is a price cap of $1.3 million for single family homes and $545,000 for an attached or town home.
Hendrikson said the city is using existing funds from its current homeownership program. If the pilot is a success, she said then the city will consider next steps.
There’s no deadline to apply, and applicants will be considered on a first come, first serve basis. Hendrikson said the pilot will be able to help up to five families.
To learn more about the pilot program and how to apply, click here.
The Follow Up
What do you want Denver7 to follow up on? Is there a story, topic or issue you want us to revisit? Let us know with the contact form below.