El Paso County relaunches down payment assistance program for home buyers

In a recent meeting held at El Paso County's city hall, officials gathered to discuss the relaunch of the Pikes Peak Down Payment Assistance Program (PPDPA), a vital resource aimed at helping families achieve homeownership. The atmosphere was charged with optimism as representatives from the El Paso County Housing Authority and Raymond James outlined the program's benefits and operational details.

The PPDPA, sponsored by the El Paso County Housing Authority, provides down payment assistance to families looking to buy their homes. Notably, the funding for this initiative comes from a housing trust fund managed by the authority, ensuring that taxpayer dollars are not utilized. This program has been a collaborative effort since its inception in 2003, with Raymond James acting as the program administrator and mortgage purchaser.

One of the key features of the PPDPA is its evolution over the years. Initially launched as a full grant for down payment assistance, the program underwent necessary redesigns due to economic shifts, transitioning to a model that includes a silent second mortgage. This mortgage is fully forgiven after five years for half of the amount, with the remainder forgiven after 30 years, provided the homeowner meets certain conditions, such as maintaining consistent payments and residing in the home as their primary residence.

The meeting also clarified eligibility criteria for potential homebuyers. While the majority of participants in the program are first-time homebuyers, it is not a strict requirement. Any buyer purchasing a primary residence can take advantage of the assistance, although the property cannot be used as a rental or vacation home.

As the discussion wrapped up, the enthusiasm for the program's relaunch was palpable. Officials emphasized the importance of outreach to local mortgage lenders to ensure that families are aware of this opportunity. With the PPDPA, El Paso County aims to empower more families to step onto the property ladder, fostering a sense of community and stability in the region. The future looks promising for those seeking to make their homeownership dreams a reality.