IMPACT Program

What is IMPACT Program?

IMPACT Program is a shared-appreciation loan for homebuyers in Durango, Colorado.

• IMPACT is HomesFund's program tier funded by socially-responsible impact-investor capital (foundation PRIs, religious endowments, individual investor lenders to HomesFund's CDFI loan fund). Capital is loaned to HomesFund at below-market rates, allowing HomesFund to deploy as DPA 2nd mortgages with a 15-year affordability covenant (deed restriction) on certain loans. 80%-100% AMI tier. Shared-appreciation note -- no monthly payment, repaid at sale/refi/transfer or maturity.
• HomesFund's IMPACT-fund-capitalized tier of shared-appreciation DPA (capital sourced from socially-motivated impact investors / philanthropic loan fund). 80%-100% AMI tier.
• loan amounts $15,000-$100,000+. Same shared-appreciation note structure -- no monthly payment, principal + appreciation share at sale/refi/transfer or 30-year maturity. Some IMPACT-funded loans carry a deed-restriction (affordability covenant) per the impact investor's terms -- verify per loan.
• Funding comes from CDFI, Foundation, and Private Investors.

Do you have to pay it back?

IMPACT 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?

IMPACT Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

IMPACT Program limits household income to 100% of the area median income, which varies by county and household size.

• 80%-100% AMI band. Per Freddie Mac DPA One: $60,900 to $137,200 (household-size and county dependent).
• 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 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?

IMPACT Program serves buyers purchasing in Durango, Colorado.

How do you apply?

Applications for IMPACT 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 + 1-on-1 counseling..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through HomesFund underwriting; subject to IMPACT-fund capital availability, 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.