El Paso County spotlights Pikes Peak down-payment program relaunch, adds 1% "hometown heroes" grant

El Paso County officials and program partners used a county podcast to outline a relaunch of the Pikes Peak Down Payment Assistance Program (PPDPA), highlighting options of up to 5% down-payment aid and a new 1% "hometown heroes" grant for qualifying workers, officials said.

The program, sponsored by the El Paso County Housing Authority and administered by Raymond James’ National Housing Group, is funded from the housing trust fund managed by the housing authority rather than general-tax revenue, county staff said. "The funds come from the housing trust fund that is managed by the housing authority, not from taxpayer dollars," said Randy Davis, community development analyst for El Paso County and staff to the housing authority.

PPDPA is designed to help low- and moderate-income home buyers secure financing. "We are the program administrator and the purchaser of the mortgages under the program," said Mark O'Brien, managing director of the National Housing Group at Raymond James, describing Raymond James’ role in organizing the program, working with participating mortgage lenders and purchasing the resulting loans or mortgage-backed…