RELEASE: Down Payment Assistance Program Approved by Denver City Council
|Down Payment Assistance Program Approved by Denver City Council|
Financial assistance available for qualifying low- and moderate-income households seeking home ownership in Denver
DENVER – Tuesday, February 11, 2020 – Denver City Council approved a contract amendment last night to continue a long-standing homebuyer down payment assistance program for low- and moderate-income households. Presented to Council by Denver’s Department of Housing Stability (HOST), the amendment renews first-time homebuyer support offered by the Colorado Housing Assistance Corporation.
“Denver’s affordable housing strategy includes critical investments at all points along the housing continuum from resolving homelessness to supporting affordable home ownership,” said HOST Executive Director Britta Fisher. “Our down payment assistance program has a strong history of helping hard-working individuals and families to attain the American Dream of home ownership. We’re proud to continue this critical wealth building tool throughout 2020.”
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 percent of the area median income (up to $52,000 for a single-person household, or up to $66,850 for a three-person household).
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. More information on the program is available by contacting the Colorado Housing Assistance Corporation.
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.
The Department of Housing Stability is committed to ensuring all of those who call Denver home have a roof over their heads. The department invests resources, creates policy and partners to provide housing stability, resolve episodes of homelessness, and create housing opportunities.