CARHOF (Colorado Association of REALTORS® Housing Opportunity Foundation) is sponsoring a Workforce Housing Initiative and is making available $100,000 in grants. Nonprofit and employer housing programs that support workforce housing by offering down payment assistance to help workers purchase homes in their communities can apply.
CARHOF has instituted some guidelines that will help sustain the workforce housing program. Grant recipients must demonstrate an on-going financial and operational capacity to continue the program. The down payment assistance, which is given as a loan to buyers, must comply with all state and federal regulations and be reasonable with the conditions of the market.
For consumers to be eligible for the loans, they must be employed a minimum of 30 hours per week in their community and they must complete a HUD or CHFA certified home buyer counseling program. The loan will be repaid and the monies will be used to help future workers purchase a home.
The funding for this initiative came from National Association of REALTORS® Ira Gribin Workforce Housing fund to assist a broader range of working people including, retail sales workers, restaurant workers, technicians, office workers, etc., in addition to occupations that provide the bulk of vital services.
Nonprofit housing agencies and employers can apply for these funds by submitting a proposal directly to CARHOF at 309 Inverness Way South, Englewood, CO 80112. Applications must be received by 5:00 p.m. on Monday, August 2, 2010 to be considered. The application and guidelines can be found at www.CARHOF.org.