The Department of Local Affairs has announced that $91,500.00 in HOME Investment Partnerships Program (HOME) funds has been awarded to El Paso County for the following project:
Rocky Mountain Community Land Trust (RMCLT) is awarded a grant in the amount of $91,500 to continue their Downpayment Assistance (DPA) program. These funds will be used to assist with the acquisition of six (6) properties. Through the Community Land Trust model, RMCLT acquires and holds title to the land permanently while the homebuyer purchases the house. The homebuyer then pays the mortgage on the home to the bank and pays a monthly ground lease on the land to RMCLT. In addition, RMCLT staff provides on-going assistance to their home owners on issue including budgeting, personal finance, and home maintenance. The RMCLT connects with potential homebuyers through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and new homebuilders. DOH Funds provide homebuyers with approximately $12,750 of downpayment assistance of the purchase price to first-time homebuyers who work in El Paso County.