Impact Development Fund Routt County DPA Program

What is Impact Development Fund Routt County DPA Program?

Impact Development Fund Routt County DPA Program is a deferred second loan for homebuyers in Steamboat Springs, Colorado.

• Impact Development Fund's Routt County-specific DPA program provides deferred-payment assistance to workers and residents in the Steamboat Springs area. Separate from IDF's statewide Colorado DPA Fund; community-specific with local funding partners.
• DPA for Routt County workforce.
• Steamboat Springs area.
• deferred repayment.
• separate from statewide IDF fund.
• community-specific program.
• Funding comes from Nonprofit and Local Government.

Do you have to pay it back?

Impact Development Fund Routt County DPA Program 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?

Impact Development Fund Routt County DPA Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Impact Development Fund Routt County DPA Program limits household income to 120% of the area median income, which varies by county and household size.

• Income up to 120% AMI; Routt County high-cost ski resort area.
• 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?

Impact Development Fund Routt County DPA Program can be used for Single Family, Condo, and Townhouse.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Impact Development Fund Routt County DPA Program serves buyers purchasing in Steamboat Springs, Colorado.

• The program targets specific areas: Routt County (Steamboat Springs, Hayden, Oak Creek).

How do you apply?

Applications for Impact Development Fund Routt County DPA 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 HUD-approved homebuyer education required.

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.