AHIF Affordable Housing Investment Fund Program

What is AHIF Affordable Housing Investment Fund Program?

AHIF Affordable Housing Investment Fund Program is a shared-appreciation loan for homebuyers in Durango, Colorado.

• AHIF (Affordable Housing Investment Fund) is the State of Colorado Division of Housing's wholesale lending fund that provides flexible, low-cost capital to affordable-housing lenders such as HomesFund. HomesFund deploys AHIF capital as shared-appreciation DPA 2nd mortgages to 80%-100% AMI buyers in its 5-county SW Colorado service area. Capital recycles -- as homebuyers repay HomesFund (with appreciation share), HomesFund recycles funds into new DPA loans.
• Shared-appreciation 2nd-mortgage DPA capitalized by Colorado Division of Housing's Affordable Housing Investment Fund (AHIF). HomesFund received an AHIF award in 2022 (one of 10 statewide recipients in a $61.9M round) to scale its DPA lending. Tier serves 80%-100% AMI households. Same shared-appreciation note structure: no monthly payment, repaid via principal + appreciation share at sale/refi/transfer.
• Funding comes from CDFI, State Government, and Local Government.

Do you have to pay it back?

AHIF Affordable Housing Investment Fund Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, transfer, cash-out refi, loss of owner-occupancy, or 30-year maturity.
• The assistance is recorded in 2nd position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

AHIF Affordable Housing Investment Fund Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

AHIF Affordable Housing Investment Fund Program limits household income to 100% of the area median income, which varies by county and household size.

• Approximately 80%-100% AMI band. Per Freddie Mac DPA One: $60,900 (smallest county) to $137,200 (large-household, La Plata). Income limits revisit annually per HUD updates.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

AHIF Affordable Housing Investment Fund Program caps the purchase price at $640,000.

• Eligible property types include SFR, townhome, condo, PUD, manufactured w/ land.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

AHIF Affordable Housing Investment Fund Program serves buyers purchasing in Durango, Colorado.

How do you apply?

Applications for AHIF Affordable Housing Investment Fund Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HomesFund HUD-approved Homebuyer Education plus 1-on-1 counseling required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through HomesFund underwriting (first-come, first-served) within AHIF allocation, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.