Friday, March 4, 2011

LaPlata County Homes Fund awarded $381,770

The Department of Local Affairs has announced that $381,770 in HOME Program funds has been awarded to La Plata County for the following project:

La Plata County Homes fund is a Community Development Financial Institution (CDFI) created by the La Plata County Regional Housing Alliance (RHA), a multijurisdictional housing authority that has received DOH funding for down payment assistance loans in the past. The Homes Fund was awarded a grant for $381,770, of which $350,000 will fund new loans, $26,039 project administration, and $5,731 will fund program administration (agency overhead). The program will provide at least 15 down payment assistance loans to homebuyers at or below 80% AMI. Funding from other sources will provide loans to buyers over 80% and less than 150% AMI. Repayment of loans, all secured by second deeds of trust, will range from fully amortizing loans to equity sharing, depending on the needs of the client and the circumstances of the transactions.