Eagle Ranch Housing Corporation Assistance Program

What is Eagle Ranch Housing Corporation Assistance Program?

Eagle Ranch Housing Corporation Assistance Program is a repayable second loan for homebuyers in Eagle, Colorado.

• Subdivision-specific shared-equity DPA program for buyers purchasing inside the Eagle Ranch deed-restricted neighborhood within the Town of Eagle. Eagle Ranch Housing Corporation contributes 10% of purchase price (up to $60,000 against the $600,000 maximum) in exchange for the buyer recording an ERHC deed restriction that caps future appreciation at 3.0% annually. Administered for ERHC by The Valley Home Store and the Eagle County Housing & Development Authority alongside the Eagle Ranch Locals Housing Program (ERLHP). Payments on the ERHC loan can be deferred for up to 60 months with ECHDA approval.
• Eagle Ranch Housing Corporation (ERHC) contributes 10% of an eligible buyer's purchase price (up to $60,000 against the program's $600,000 maximum) toward down payment, closing costs, and prepaid items. The contribution takes the form of a deferred-payment 2nd lien recorded alongside an ERHC deed restriction limiting future appreciation/resale price. Payments may be deferred for the first 60 months upon ECHDA approval.
• Funding comes from Eagle Ranch Housing Corporation (private 501(c)(3)).

How much assistance does it provide?

Eagle Ranch Housing Corporation Assistance Program offers up to $10,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Eagle Ranch Housing Corporation Assistance Program is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, transfer, refinance with cash-out, end of term, or loss of owner-occupancy and resale price capped by 3.0% annual appreciation deed restriction.
• 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?

Eagle Ranch Housing Corporation Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Eagle Ranch Housing Corporation Assistance Program sets its income limit as follows: No published household income cap; eligibility driven by Eagle Ranch Locals Housing Program (local-employee) requirements and the $600,000 max purchase price.

• 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?

Eagle Ranch Housing Corporation Assistance Program caps the purchase price at $600,000.

• Eligible property types include Single-family detached, Townhome, and Condominium.
• New construction is eligible.

Where does it apply?

Eagle Ranch Housing Corporation Assistance Program serves buyers purchasing in Eagle, Colorado.

• The program targets specific areas: Eagle Ranch deed-restricted subdivision in the Town of Eagle, Colorado — an approximately 800-home master-planned community on the west side of Eagle that is the only eligible property location for this program.

How do you apply?

Applications for Eagle Ranch Housing Corporation Assistance 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 The Valley Home Store; Eagle County Housing & Development Authority.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via The Valley Home Store and Eagle County Housing & Development Authority, 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.