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Longmont staff outline expanded down-payment assistance program after $750,000 state award
Summary
City housing staff presented revised down-payment assistance rules that would create a suite of loan options, expand income eligibility to 120% AMI under state funding and preserve a revolving-loan model after a $750,000 Prop 123 award; council asked for more repayment-option detail and did not take formal action.
Longmont housing staff presented proposed modifications to the city's down-payment assistance (DPA) portfolio during a study-session presentation, explaining how a recent $750,000 Prop 123 state award and a prior $250,000 local pilot would expand loan availability.
The proposed portfolio combines three funding buckets: existing Boulder County HOME funds ($72,000), the city's $250,000 pilot allocation and the $750,000 Prop 123 award, which staff said yields “over a million dollars in down payment assistance funds available to be used very soon,” according to Katie Silvis, homeownership program specialist. Staff described the program as a revolving loan fund intended to be repaid and reused for future borrowers.
Why it matters: Staff said the larger fund and a higher income cap under the Prop 123 award (up to 120% of area median income) will let the city assist more working households in Longmont that do not qualify for…
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