Home run
There’s some good news on the horizon for discouraged would-be homeowners in Southwest Colorado. This week, the HomesFund announced it was awarded $3.5 million for mortgage and down-payment loans to qualifying local residents.
The funds were appropriated through the passage of Proposition 123 on the statewide ballot in 2022. To refresh your memory in case you are still suffering from ballot fatigue, 123 approved allocation of one-tenth of 1% of existing federal income tax revenues in Colorado to affordable housing development, down payment assistance and other programs for low- and middle-income families.
The funds are available to households earning 120% or less of the area median income (AMI) across La Plata, Montezuma, Archuleta, San Juan and Dolores counties. In 2023 (the most recent years stats were available), the AMI for Durango was $79,545, bringing the 120% threshold to $99,431.
Of course, as we all know, local home prices far outpace incomes. According to the Durango Association or Realtors, the median price of a home in Durango Q3 2024 was $932,000 – up nearly 18% from the year prior.
The HomesFund estimates in the next two years, the funds will help about 42 households achieve homeownership in Southwest Colorado.
“This funding will help ensure that more families in our region can plant roots, build wealth and contribute to the fabric of our communities,” Pam Moore, Executive Director of HomesFund, said in a press release. “We are thrilled to partner with the State of Colorado and local stakeholders to make homeownership accessible for those who need it most.”
Founded in 2008, HomesFund has worked to help potential homeowners through education and counseling, down payment assistance, loan assistance for difficult-to-finance manufactured and mobile homes, deed-restriction programs and other services.
“Homeownership is more than a financial investment; it’s an investment in our community,” Moore added. “With this support, we can help families put down roots and thrive.”
For more info., go to: www.homesfund.org.
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