The City of Longmont and Boulder County offer programs to residents for housing purchase assistance. With concern over the lack of affordable housing options, the City of Longmont has introduced programs aimed at helping the situation. The two main programs offered through the city are the Down Payment Assistance Program and the Community Housing Program.
Community Housing Program: "Under this program, 10% of the housing units built in Longmont shall be made affordable through purchase prices to households at or below 80% of the area median income. The homes made available for purchase must be kept affordable for a period of at least 10 years and the rental untis must be kept affordable for at least 20 years. The City works with the private developers to income-certify households as eligible and to help market the units to further lower costs" - City of Longmont Affordable Housing Programs, Program Information 03/05
Down Payment Assistance Program: "Down payment and closing cost assistance is provided to first time home-buyers purchasing a home in Boulder County (outside the city limits of Boulder). Up to 5% of the purchase price (up to a maximum of $9,000.00) can be borrowed. Households must provide a minimum of $1,000. Borrowers earning between 51-80% of the area median income are eligible for a loan made at 3% interest and amortized for 10 years. Borrowers earning below 50% of the area median income are eligible for a deferred loan, with no monthly payments, but interest accruing at 4%/year for the 1st 10 years". - Boulder County/City of Longmont Down Payment Assistance Program Information, 03/05
These programs can be very beneficial to first time home-buyers and borrowers. In addition to guided assistance, you will receive:
Home Buyer Training Course - a free, 3 part class aimed at helping you understand the home buying process can be taken through the city by calling (404) 441-1544.
One -On-One budget session with a housing counselor to help walk you through the process and prepare your paperwork.
You can even use the Down Payment Assistance Program in conjunction with the Community Housing Program!
Both Programs recommend working with a Realtor in your area to help locate and assist with the home buying process.
For more information on the programs, call Molly McElroy (303) 651-8530 or email molly.mcelroy@ci.longmont.co.us
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