City of Boulder, Colorado
Last Updated on Friday, 06 August 2010 09:53
OVERVIEW OF HOMEOWNERSHIP PROGRAMS
The city of Boulder’s Homeownership Programs offer a range of options for those seeking to own a in Boulder – from our Homeworks permanently affordable new development homes and resales, First Home downpayment assistance and H2O loans and the 3% Solution downpayment assistance grant.
For an overview of the programs and the program-wide homebuyer requirements, scroll down to review the charts below
HOMEWORKS
New Construction
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Resale
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Middle Income
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Income Level:
$51,400/1 person
$58,800/2 person
$66,100/3 person
- New homes pricedbelow market
- Usually offered through a developer
- Resale restricted
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Income Level:
$51,400/1 person
$58,800/2 person
$66,100/3 person
- Pre-owned homes priced below market
- Sale may occur through a Realtor, homeowner, or through our office
- - Resale restricted
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Income Level:
$75,400/1 person
$86,100/2 person
$96,900/3 person
- May be newly built or pre- owned homes
- May be offered through a Realtor, homeowner, or
through our office
- Resale restricted
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PROGRAM DETAILS & APPLICATION: Read more…
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General Homeownership Program Buyer Requirements: Read more…
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DOWNPAYMENT ASSISTANCE
First Home Grant
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H20 Program
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3% Solution Grant
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Income Level:
$51,400/1 person
$58,800/2 person
$66,100/3 person
- Market rate property
- usually purchased
- with Realtor
- 20% of purchase
- price
- 3+ person household may qualify for 40% or $150,000 down-payment when purchasing a 3+ bedroom home
- Resale restricted
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Income Level:
$50,300/1 person
$57,400/2 person
$64,600/3 person
- Market rate property, usually purchased through a Realtor
- 15% of purchase price
- Deferred loan
- payable in full at 15 years or upon sale. No payments
- May sell at market rate. NOT resale restricte
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Income Level:
$45,100/1 person
$51,550/2 person
$58,000/3 person
- May be used with Homeworks or Thistle
- 3% of purchase price to assist with downpayment or closing costs
- Resale restricted
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PROGRAM DETAILS &
APPLICATION: Read more…
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PROGRAM DETAILS & APPLICATION: Read more…
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PROGRAM DETAILS & APPLICATION: Read more…
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General Homeownership Program Buyer Requirements: Read more…
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First Home and H2O Specific Owner
Requirements
- Must be first-time
homebuyer
- Must work within
Boulder city limits
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3% Grant Owner
Requirements
- Must be first-time homebuyer
- Must live or work within
Boulder city limits
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REQUIREMENTS FOR ALL PROGRAMS
REQUIREMENTS FOR ALL PROGRAMS
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ASSET LIMITS
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- Income cannot exceed the limit stated for each program or for each available property (see chart below).
- Applicant must complete City Orientation and Homebuyer Class Series.
- Applicant or partner/spouse must work at least 30 hrs/wk, unless retired or disabled.
- Applicant must have a work history of at least one year.
- Applicant must have a minimum of $2,000 for down payment/closing costs.
- Applicant must be able to secure a 1st mortgage loan.
- Total debt-to-income ratio should not exceed 42%.
- Assets cannot exceed $55,000 for a 1-person Low/Moderate household or $140,000 for a 1-person Middle Income household, except in the case of divorce, disability or retirement. For each additional household member, the asset limit increases by $15,000. Some retirement funds are exempt from this limit depending on your age.
- Home must be owner-occupied, rental restrictions apply.
- The number of bedrooms may only exceed the number in the household by one.
- Applicant can not own another home at the time of purchase.
- All of our programs are resale-restricted, i.e. "permanently affordable" with the exception of the H20 program.
Are there ever exceptions? There are no exceptions to the income limits. In special circumstances, exceptions may be granted to other program requirements. Please include any exception requests with your application.
* Minimum incomes depend upon individual financial circumstances, e.g., down payment money you can bring to the deal
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ASSET LIMIT: $55,000
(1-person household*)
Retired (62 yrs): $85,000
Recently divorced: $85,000
Permanently disabled: $140,000
Middle-income: $140,000
Retirement funds exempt as follows:
under 40 yrs: $30,000
40-55 yrs: $55,000
Over 55 yrs: $110,000
* for each additional household member, the asset limit increases by $15,000
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Last Updated on Thursday, 17 June 2010 11:46
LOTTERY PROCESS
Lotteries may apply to new developments and to resale properties in the HomeWorks program.
How the Lottery process works: Newly listed homes, both new development and resale properties, have a required marketing period. At the end of the marketing period a lottery is held on the lottery date if intent to purchases are received from two or more homebuyers. Preference is given to applicants who live and or work in the City of Boulder as detailed below:
#1 - live/work/referral list *
#2 - live/work
#3 - work/referral list
#4 - work only
#5 - live/referral list
#6 - live only
* "referral list" means the applicant has been on our waitlist for 1yr.
To enter a lottery, an applicant must have already:
- Applied and been income-certified for the programs. Applicants who are not yet income certified must submit their COMPLETE application a minimum of two weeks prior to a lottery. In the event that an application is incomplete or more information is required, income certification will not be completed in time for the lottery.
- Visited the home or the sales office (for new development).
- Must submit an Intent to Purchase form. Intent to Purchase forms should be submitted to the City of Boulder Housing Division, attn: Homeownership Program, by the deadline listed for each individual unit. They can be dropped off at Housing & Human Services, Attn: Homeownership Team, 1101 Arapahoe, 2nd Floor, Boulder, or faxed to: 303-441-4368.
The City of Boulder Orientation and Homebuyer Classes are required to be completed prior to closing. It is highly recommended to attend the classes prior to a lottery, if possible.
Last Updated on Thursday, 17 June 2010 11:26
HOW TO APPLY
Step one – Attend Homebuyer Education:
- Attend the Homebuyer Class offered by the County*
* Note: Attending Orientation prior to applying will provide a wealth of information and answer many of your questions regarding the program - THIS IS HIGHLY RECOMMENDED although not required. You MUST, however, complete the Orientation and Homebuyer class prior to closing on a home. If you want to use Firsthome or H20 You MUST complete both the City orientation and the Homebuyer classes PRIOR to going under contract on a home.
Step two – Contact a Lender: See a lender and get a pre-qualification letter.
Step three – Submit an Application:
- Complete the Income Certification Application. For a list of the required documents needed to apply, click here. Be sure to fill out the application as completely as possible. You will need to attach all the required documentation requested on the application. To get an application, visit our office, download an application, or phone our office at 303-441-3157 ext. 2 to have one mailed to you.
- When you have everything together, sign the application, mail it in or come by our office at 1101 Arapahoe (2nd floor) to drop it off. If anything is missing from your application, you will be contacted. Staff cannot process an application until all documents have been provided.
- You will be notified within 2 weeks regarding application approval.
- The City of Boulder Homeownership Programs uses the Boulder County Homeownership Programs Common Application. By completing this one application, you may apply to all of the following Boulder County homeownership programs: City of Boulder, Thistle Communities, City of Longmont Community Housing and Boulder County/Longmont Down Payment Assistance Program.
Step four – Check out Homes for Sale
- Look at our Homes for Sale page for a list of homes currently available.
- Check lottery date, if a lottery date is listed, click here for details about the lottery process.
- Contact the owner/realtor of the home(s) you are interested in for additional information or visit the sales office for home in new developments!
- Once your application has been approved you will be added to our referral list and will receive emails about newly listed properties.
- If no email address is available, please check our website for frequent updates.
Step five – After you Apply
- Your preliminary certification is valid for six months, or until you have a signed contract to buy a property.
- Once you have a signed contract to buy a home, you will receive a “final certification” letter and (for the First Home and HomeWorks programs) a copy of the Permanently Affordable Housing Covenant for that home.
- For the H2O and First Home programs, upon receipt of a contract you will receive a funding commitment letter if the property meets the requirements and funds are still available.
- After you have received a final certification letter and/or a funding commitment letter, you are eligible to purchase your home regardless of your closing date. At your closing, you will be asked to sign documents prepared by the City of Boulder, including the Covenant.
Last Updated on Tuesday, 13 July 2010 14:21
HOMEWORKS/PERMANENTLY AFFORDABLE HOMES
HomeWorks homes are new construction and re-sale homes sold at below market-rate prices to income eligible buyers. The homes are permanently affordable, and appreciation is limited and calculated on an annual basis.
HomeWorks homes become available in several ways:
- through new development,
- existing affordable housing offered through resale
- acquired through our First Home program.
Most of the new development homes are built as a requirement of Inclusionary Housing: Inclusionary Housing Ordinance.
HomeWorks homes are sold at below market-rate prices affordable to low and moderate income buyers. There are also higher priced Middle Income homes for buyers with higher incomes. The buyer's income cannot exceed the maximum income allowed for each available home.
Homes are permanently affordable and governed by a Covenant. The buyer must accept all the terms and conditions of the Covenant.
Resale prices are restricted to keep these homes affordable into the future. The value of the home may increase based on the resale formula. Annual appreciation is based on the annual change of the Area Median Income or the Consumer Price Index, whichever is less, up to a maximum of 3.5% per year with a minimum of 1%. Check out how the indexes have changed since 1986. For a more detailed description of how we keep homes affordable and for an example of how a HomeWorks home has appreciated over the past 10 years, click here.
Homes for Sale: For a list of homes currently available, complete with property descriptions, maximum income to qualify for the home and contact information, Click here…
To Apply: To purchase Homeworks homes, you must complete an Income Certification application. Read more…
To Qualify for Homeworks: Certain Qualifications are required for all of the city of Boulder's homeownership programs. Read more…
Lotteries: Lotteries apply to new developments and to resale properties in the HomeWorks program. Read more…
Covenant: Homeworks buyers must accept all the terms and conditions of the Covenant. Resale prices are restricted to keep these homes affordable into the future. Read more…
Last Updated on Wednesday, 07 October 2009 12:24
If you're interested in a home that is scheduled for a lottery, you must submit an Intent to Purchase form to enter the lottery.
You can download an Intent to Purchase form. You can visit our office at 1101 Arapahoe (2nd floor) in Boulder,
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
, or phone our office at 303-441-3157 to have one sent to you.
Intent to Purchase forms should be submitted to the City of Boulder Housing Division, attn: Luanne Bobo, 1101 Arapahoe (2nd Floor) in Boudler by the deadline listed for each individual unit. They can be dropped off or faxed to 303-441-4368.
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