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 securities.

Why it matters: county officials said the program has a long record in El Paso County. Since the program began in 2013, officials said it has assisted more than 2,800 families, leveraged about $5.759 billion in mortgage funds and supplied more than $23 million in down-payment assistance.

How the assistance works - Size and structure: Borrowers can choose zero, 2%, 3%, 4% or up to 5% in down-payment assistance paired with a 30-year fixed-rate mortgage. The assistance is structured as a silent second mortgage that is partially forgivable: half is forgiven after five years and the remainder after 30 years, county staff said. "They don't have to worry about paying it back," Davis said. - Eligible loans: The program can pair with government-insured loans (FHA, VA or USDA Rural Development) or Freddie Mac–eligible conventional loans through participating lenders. - Occupancy and borrower limits: Assistance must be for the borrower’s primary residence and is not limited to first-time home buyers; county staff said the majority of participants have been first-time buyers but first-time status is not required. The county cited an income threshold of roughly $162,960 for certain loan types (FHA/VA/USDA RD) as a reference for program eligibility. - Hometown Heroes: The relaunch includes a new 1% grant called the "hometown heroes" incentive for qualifying workers — described broadly to include first responders, educators, health-care workers, active military, veterans and other public-facing occupations. Stacy Houston, vice president of the National Housing Group at Raymond James, urged eligible borrowers to consider the addition: "I just really wanna make sure borrowers are aware of this hometown heroes incentive. It's such a fantastic opportunity." The 1% is a grant and does not have to be repaid, officials said.

Applying and participating partners Officials said there is no separate county application; interested buyers must apply through a participating mortgage lender. County staff directed consumers to pikespeakdpa.com for a list of participating lenders, program details, and materials for lenders, realtors and home builders. Program partners said the site lists participating lenders and that the program currently works with roughly 56–59 approved lenders and companies.

Other county housing tools Davis also described other housing tools maintained by the El Paso County Housing Authority, including housing trust fund loans to developers to build subsidized affordable rental properties. The county maintains an online map of subsidized properties that visitors can filter by household type and location; Davis said the page links to property websites and phone numbers but does not list unit availability.

What officials emphasized Officials emphasized outreach to lenders, realtors and local employers to increase program use, and encouraged prospective buyers to "shop for a loan, not just a lender" by comparing offers from multiple lenders within a short window to minimize credit-report impacts. "You're not shopping for a lender. You're shopping for a loan," Stacy Houston said.

Next steps for residents County staff and Raymond James encouraged prospective borrowers, realtors and lenders to visit pikespeakdpa.com for detailed eligibility rules, the list of participating lenders and training for realtors who want to be listed on the site. The county and Raymond James said they will continue outreach to expand participation.