DENVER (CBS4)– Colorado home prices are still inflated, and at the same time wages have stalled. Despite that, Denver City Council made a move to offer help those who are looking to purchase their first home.
On Monday night, council members approved a contract amendment to continue a long-standing homebuyer down payment assistance program for low-and-moderate-income households. The amendment renews first-time homebuyer support offered by the Colorado Housing Assistance Corporation.
The program offers down payment and closing cost assistance of up to $15,000 to qualifying households that purchase a home in Denver. The program is limited to households earning up to 80% of the area median income (up to $52,000 for a single-person household, or up to $66,850 for a three-person household).
Homeowners like Rachel Palya tell CBS4 they’re thankful for the program; it’s helped her build equity.
Funded by the federal Community Development Block Grant program offered through the U.S. Department of Housing and Urban Development, Denver’s down payment assistance program has assisted nearly 75 households over the past three years. Participating households include many that have purchased income-restricted homes available in Denver.
The renewed contract complements other down payment assistance programs supported by the City and County of Denver, including the metroDPA program, which serves a wider income range of households.