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Housing Authority approves $10,000 down‑payment loan and grants Coyote Creek transfer‑fee exemption
Summary
The Housing Authority board approved a $10,000 down‑payment assistance loan for Juliana Marie Young (3% CMHC/HUD funds, contingent on inspection and final documents) and a requested exemption from an affordable‑housing transfer fee for Unit 42, Lot 21 in Coyote Creek.
The Board sat as the Housing Authority and considered two items: a $10,000 down‑payment assistance loan from Colorado Mountain Housing Coalition (CMHC) funds for Juliana Marie Young and a request to exempt a transfer/affordable‑housing fee for Unit 42, Lot 21 in the Coyote Creek subdivision.
The Housing Authority director described the loan as a 3% CMHC loan funded by HUD dollars with closing scheduled for June 20 and noted the loan would be contingent on final settlement documents and an inspection. "This is a loan for Juliana Marie Young in the amount of $10,000," the director said. The board moved to approve the loan contingent on final documents and delegated authority to allow the chair to sign applicable documents and permit a wire transfer once paperwork is complete.
On the exemption request, staff concluded the unit met an exemption provision in restrictive covenants and recommended approval; the board approved the exemption motion. Staff and the chair confirmed administrative steps for the closing and transfer of funds and asked finance and bank signatories to prepare for wire instructions and signatures.
