Boulder’s Affordable Housing Program
All My Sons of Boulder, Colorado can’t help but notice the huge influx of people moving to Boulder, and we don’t blame them. Boulder is home to some of the best mountain views in North America, one of the most active cities in the country, and the people are just of a nicer, more welcoming breed. With all of its positive attributes, who really wouldn’t want to live in Boulder? Well, there is one kicker - buying a home in Boulder comes at a premium price. Unfortunately, if you are in a low to moderate income bracket and have high hopes of buying a home in Boulder, you may quickly become discouraged after performing some simple property searches. Fear not, the Boulder movers are here to let you know it is not all a wash. Boulder has its very own Affordable Housing program, also known as “Homeworks” and it is one of the best kept secrets.
What is the Affordable Housing Program in Boulder County?
The Affordable Housing Program in Boulder is a collection of home ownership programs that ensure that people of all levels of income levels have the potential and opportunity to buy a home in Boulder. The affordable housing program comes in various avenues, from homes that are designated “permanently affordable”, to a down payment assistance program that can be utilized on full priced market homes.
Who Qualifies for the Boulder Homeworks Program?
Income limits are established on an annual income basis. In order for an applicant to qualify for the housing program, they must fall within the following income guidelines.
General income limits for new construction/resale & down payment assistance:
- 1 person: $51,520
- 2 people: $58,880
- 3 people: $66,250
- 4 people: $73,560
Housing designated Middle income eligible limits:
- 1 person: $75,320
- 2 people: $85,990
- 3 people: $96,780
- 4 people: $107,460
Once you have determined your eligibility, you can review additional requirements on the Homeworks website to see if you qualify to apply for the program.
What is Boulder’s Permanently Affordable Housing?
Real estate contractors work with the city to build properties that will always remain “permanently affordable”, but there are a few things you should know before you purchase a permanently affordable property.
- Resale is restricted and you can only sell to a qualified affordable housing buyer.
- Appreciation has a cap of 3.5% annually.
- Plan to stay there for at least two years before you can move to another permanently affordable home unless your family grows.
- You must be the one to occupy the home.
- You must live in the property 5 years before it can be rented out.
What is the Boulder Down Payment Assistance Program?
If you qualify for Boulder’s Affordable Housing Program, you can pursue one of their down payment assistance programs.
H2O Program- a deferred loan for up to 15% of a full market rate property’s purchase price. There will be no payments on the loan during this period but the loan must be refinanced at maturity or paid off with the sale of the property. Boulder moving companies want you to keep in mind that this program is the only one that allows you to purchase a home at full market price and enjoy unlimited property appreciation.
3% Solution- You must use these grant funds to purchase a home that is classified as permanently affordable. The funds are typically used to help bridge the gap between your personal funds and those needed to make a down payment and/or closing costs. When you sell the home, the grant remains invested in the property and will be recouped by the housing program when you sell your home.