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Grand County Housing Authority loan approved for $10,000 down-payment assistance
Summary
The board approved a $10,000 down-payment assistance loan (3% interest, third-lien) presented by Sheena Darlene of the Grand County Housing Authority; staff said the borrower also qualified for CHFA assistance and final closing statements remain pending.
Sheena Darlene of the Grand County Housing Authority asked the commissioners to approve a $10,000 down-payment assistance loan to be held in third position with a 3% interest rate adjusted by income. "This is a $10,000 down payment assistance loan. It is a 3% interest rate instead of a 5 that's based off of income, and we will be holding the 3rd position on this loan," Sheena said while outlining eligibility and that the borrower had also been approved for a CHFA down-payment assistance loan.
Commissioners confirmed they were sitting as the Housing Authority for the item and moved to approve the loan as presented. Sheena said she was waiting on the final closing statement review before wiring funds; the board authorized the chair to sign applicable documents as part of the approval.
Why it matters: small loan programs like this are used to leverage state or CHFA assistance and help qualify homebuyers who otherwise might not meet down-payment requirements. The county holds the loan in a subordinate position and staff will complete the closing paperwork before funds are wired.
