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San Miguel County approves $100,000 to renew down‑payment matching program with Telluride Foundation
Summary
The San Miguel County commissioners approved a $100,000 contribution to the Telluride Foundation’s Housing Opportunity Fund to keep matching dollars available for its down‑payment/shared‑equity loan program. The program has approved 19 loans and deployed $630,000 to house 44 people to date.
San Miguel County commissioners voted unanimously June 3 to contribute $100,000 to the Telluride Foundation’s Housing Opportunity Fund to sustain a local down‑payment and shared‑equity loan matching program.
Elaine DeMaz of the Telluride Foundation told the board the program has processed 70 applications, approved 19 loans and “has housed 44 people. We’ve deployed $630,000 to date,” and that the county’s initial $200,000 allocation has already been partly spent. “So I’m here today requesting the second contribution of a $100,000 so we can keep matching and keep that level at a $100,000,” DeMaz said.
County staff said the housing fund’s current net position can cover the request but emphasized the need to pick the appropriate funding “color” — i.e., which restricted or general‑fund account to use. Staff noted earlier reimbursements from a previously closed loan program and fee revenue contributed to the initial $200,000.
Commissioners praised the program’s targeted impact in smaller towns across the county, including Telluride, Ophir, Ridgeway and Norwood, where loans are preserving housing for local employees. After a motion and second, the board approved the $100,000 allocation and directed staff to complete the donation paperwork.
Next steps: staff will bring the supplemental budget entry and account selection forward in the county’s next budget adjustment process.
