Friday, March 4, 2011

Colo. Housing Assistance Corp. awarded $234,000

The Department of Local Affairs has announced that $234,000.00 in HOME Investment Partnerships Program (HOME) funds has been awarded to Statewide County for the following project:

Colorado Housing Assistance Corporation (CHAC) is awarded a grant of $234,000 on behalf of the Downpayment Assistance (DPA) program of the Homeownership Education and Real Estate Opportunity (HERO) Alliance. CHAC operates this program for the HERO Alliance, a statewide collaboration of funding sources and service providers who make homeownership possible for persons with disabilities. Homeowners receive housing counseling and DPA in order to secure low-interest mortgages from Rural Development, CHFA, and conventional banks. This grant would assist 24 persons with disabilities who are at or below 80% AMI with about $8,500 of downpayment assistance (not to exceed $10,000). Funds are loaned at 1.5% for 30 years and payments are deferred until first mortgage is repaid.