Aspen/Pitkin County Housing Authority Down Payment Assistance

What is Aspen/Pitkin County Housing Authority Down Payment Assistance?

Aspen/Pitkin County Housing Authority Down Payment Assistance is a deferred second loan for homebuyers in Aspen, Colorado.

• Aspen/Pitkin County Housing Authority provides DPA and deed-restricted housing to local workforce in one of Colorado's highest-cost markets. Programs designed to keep essential workers housed near Aspen.
• DPA for Pitkin County/Aspen workforce.
• very high-cost market assistance.
• deferred repayment.
• employer-assisted options.
• deed-restricted housing pathway.
• Funding comes from Local Government.

Do you have to pay it back?

Aspen/Pitkin County Housing Authority Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, Refinance, and Maturity Date.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Aspen/Pitkin County Housing Authority Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Aspen/Pitkin County Housing Authority Down Payment Assistance limits household income to 120% of the area median income, which varies by county and household size.

• Income up to 120% AMI; Pitkin County is extremely high-cost; workforce priority.
• 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?

Aspen/Pitkin County Housing Authority Down Payment Assistance caps the purchase price as follows: Ultra-high-cost market; no standard cap.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Aspen/Pitkin County Housing Authority Down Payment Assistance serves buyers purchasing in Aspen, Colorado.

• The program targets specific areas: Pitkin County (Aspen, Snowmass Village, Basalt).

How do you apply?

Applications for Aspen/Pitkin County Housing Authority Down Payment Assistance 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 APCHA homebuyer education required; HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, 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.