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Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program

Durango, Colorado

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Assistance

17%

Of the purchase price, as the program sets it

Income limit

150% AMI

Of area median income; varies by county and household size

Price cap

$640,000

Highest purchase price the program allows

Repayment

Shared appreciation

Settled on the terms set by the administering agency

What is Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program is a shared-appreciation loan for homebuyers in Durango, Colorado.

  • DMR/Purgatory Resort Employee Assistance Program -- an employer-sponsored shared-appreciation DPA jointly offered by HomesFund and Purgatory Resort to help recruit and retain year-round and seasonal resort employees. Up to $70,000 or 17% of purchase price (lesser) in deferred 2nd-mortgage DPA. Higher income limit (150% AMI) than HomesFund's traditional tiers. Restricted to La Plata County purchases ONLY.
  • Up to $70,000 OR 17% of purchase price (whichever is less) of shared-appreciation DPA for Purgatory Resort / Durango Mountain Resort (DMR) employees in their second+ year of service. Eligible job classes: YR Manager, YR Employee, SS Employee, HC Employee. Higher income limit up to 150% AMI. Lower-income Purgatory employees may stack with HomesFund traditional tiers.
  • Funding comes from CDFI, Foundation, and Employer Contribution.

How much assistance does it provide?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program provides assistance worth 17% of the purchase price, as set by the program.

  • Buyer contribution: No HomesFund minimum.
  • 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?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance 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?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: 620 minimum FICO
  • A completed homebuyer education course, through REQUIRES IN-PERSON Homebuyer Education through HomesFund + 1-on-1 counseling.
  • Residency: Property MUST be in La Plata County, CO; owner-occupancy required
  • Citizenship or immigration status: Per 1st-mortgage AUS
  • EMPLOYER-RESTRICTED: Must be a YR Manager, YR Employee, SS Employee, or HC Employee at Purgatory Resort / Durango Mountain Resort working at least 400 hours in a season. Must have completed first year of service and be starting second year (or beyond). Letter of eligibility from Purgatory HR Department required. PROPERTY MUST BE LOCATED IN LA PLATA COUNTY ONLY (narrower than HomesFund's 5-county service area). REQUIRES IN-PERSON Homebuyer Education. Asset/net-worth caps.

The program excludes

  • Purchases above the $640,000 price cap
  • Households above 150% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program limits household income to 150% of the area median income, which varies by county and household size.

  • Up to 150% AMI. Per Freddie Mac DPA One: $109,200 to $205,800 (household-size dependent in La Plata County).
  • 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?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance 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?

Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program serves buyers purchasing in Durango, Colorado.

  • The program targets specific areas: La Plata County, CO ONLY.

How do you apply?

Applications for Purgatory / DMR (Durango Mountain Resort) Employee Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through REQUIRES IN-PERSON Homebuyer Education through HomesFund + 1-on-1 counseling..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Application via HomesFund + Purgatory HR eligibility letter; subject to fund availability, and are subject to availability.

  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.

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