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Down Payment Assistance Loans Available For First Time Homebuyers

By: Kate Rusch-Public Information Officer

Through the Estes Valley Workforce Housing Assistance program, the Estes Park Housing Authority (EPHA) and the Estes Park Board of REALTORS® have partnered to support first-time homebuyers with Down Payment Assistance Loans. Applications may be requested beginning February 17; contact EPHA at 970-577-3730 or www.esteshousing.org.

Borrowers must live in the Park R-3 School District and at least one borrower on the application must be employed within the boundaries of the Park R-3 School District in a year-round position for at least 30 hours per week. Borrowers’ household income must be between 81 and 150 percent of the Area Median Income for Larimer County. Interested individuals should contact EPHA to find out if they qualify.

The Estes Valley Workforce Housing Assistance program was developed after an EPHA strategic planning session in which the Board of REALTORS® noted the need for down payment assistance for people with moderate incomes. Seed money for the loans is the interest earned on earnest money – granted from the Colorado Association of REALTORS® Housing Opportunity Foundation. Additional program support comes from fundraising efforts by local REALTORS®.

“The down payment assistance program is a great example of how the private sector, through the Board of REALTORS®, and the public sector, through The Estes Park Housing Authority, can work together to make housing more affordable in Estes Park,” commented Eric Blackhurst, who chairs the EPHA Board of Directors and also serves on the Estes Park Board of REALTORS®. Blackhurst continued, “We hope this program continues to grow to foster homeownership for those who need some short-term assistance to get started.”

The Estes Park Housing Authority was formed by the Town of Estes Park in 2000 to ensure a balanced and sustainable community by creating and facilitating housing opportunities and services for persons of low and moderate income. For more information, please visit www.esteshousing.org or call 970-577-3730. To receive Town news in your e-mail inbox, please e-mail spetrie@estes.org.

© 2014 Estes Park News, Inc

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