Colorado Down Payment Assistance Fund (Impact Development Fund)

What is Colorado Down Payment Assistance Fund (Impact Development Fund)?

Colorado Down Payment Assistance Fund (Impact Development Fund) is a deferred second loan for homebuyers in Statewide, Colorado.

• Impact Development Fund (IDF) is a U.S. Treasury-certified nonprofit CDFI lender headquartered in Longmont, Colorado, with a 20+ year history of administering down payment assistance and affordable housing financing throughout Colorado, Nebraska, Utah, New Mexico, and Wyoming. IDF maintains a $180M+ revolving loan fund and administers more than 65 third-party public and private DPA programs on behalf of cities, counties, employers, banks, and nonprofits. The 'Colorado Down Payment Assistance Fund' is the umbrella through which IDF deploys its own and partner capital for homebuyer DPA loans statewide, including the $1.6 million Proposition 123 statewide DPA allocation IDF received for buyers in Prop 123-committed jurisdictions. Borrowers typically engage IDF through a specific partner program (e.g., Boulder H2O, Denver Metro DPA, Eagle County, FirstBank DPA, Dearfield Fund) rather than as a standalone consumer-facing 'IDF DPA' product; the program's terms (loan amount, interest rate, repayment trigger, income caps) follow those of the partnering program.
• Down payment assistance loans for Colorado homebuyers, administered by Impact Development Fund (IDF) on behalf of partner organizations (cities, counties, employers, nonprofits, banks). Specific loan amounts, interest rates, and terms vary by the partner program the buyer is matched to. As a CDFI, IDF also deploys its own Proposition 123-funded statewide pool for buyers in jurisdictions that have filed Prop 123 affordable-housing commitments.
• Funding comes from CDFI, State, Local Government, Bank/Employer Partners, and Proposition 123.

Do you have to pay it back?

Colorado Down Payment Assistance Fund (Impact Development Fund) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Varies by partner program and common structures include deferral until sale/refinance/transfer, shared appreciation, or amortizing payments.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Colorado Down Payment Assistance Fund (Impact Development Fund) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Colorado Down Payment Assistance Fund (Impact Development Fund) sets its income limit as follows: Varies by partner program. Partner programs administered by IDF range from 80% AMI floors (FirstBank DPA) to 150% AMI ceilings (Boulder H2O, Eagle County). Statewide Proposition 123 DPA pool follows Prop 123 program income standards (≤120% AMI or jurisdictionally filed limit).

• 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?

Colorado Down Payment Assistance Fund (Impact Development Fund) caps the purchase price as follows: Varies by partner program; no statewide cap published for the IDF-administered fund as a whole.

• Eligible property types include Single-family detached, Townhome, Condominium, and Manufactured home (per partner program).
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Colorado Down Payment Assistance Fund (Impact Development Fund) serves buyers purchasing in Statewide, Colorado.

• The program targets specific areas: Statewide reach through 65+ partner programs covering Boulder, Denver Metro, Eagle, Garfield, Larimer, Douglas, Pitkin, La Plata, San Luis Valley, and other counties; Proposition 123 statewide allocation targets jurisdictions with filed Prop 123 affordable-housing commitments.

How do you apply?

Applications for Colorado Down Payment Assistance Fund (Impact Development Fund) 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 HUD-approved homebuyer education encouraged; partner-program-specific education may be required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Through partner-program intake and IDF underwriting (consumerloans@impactdf.org), 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.