Rocky Mountain Community Land Trust Homeownership Program

What is Rocky Mountain Community Land Trust Homeownership Program?

Rocky Mountain Community Land Trust Homeownership Program is a deferred second loan for homebuyers in Colorado Springs, Colorado.

• Rocky Mountain Community Land Trust provides permanently affordable homeownership in Colorado Springs and Manitou Springs. CLT retains land; buyer owns home via 99-year renewable ground lease. State-funded with $650,000 DPA allocation to serve 11 households.
• CLT affordable homeownership in Colorado Springs.
• $650,000 state DPA grant.
• serves low-income families (at or below 80% AMI).
• DPA reduces purchase price.
• 99-year ground lease.
• resale-restricted for perpetual affordability.
• Manitou Springs included.
• Funding comes from Nonprofit, State, and Local.

Do you have to pay it back?

Rocky Mountain Community Land Trust Homeownership 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 and Transfer (resale formula applies).
• The assistance is recorded in CLT ground lease position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Rocky Mountain Community Land Trust Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Rocky Mountain Community Land Trust Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• At or below 80% AMI; El Paso County AMI.
• 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?

Rocky Mountain Community Land Trust Homeownership Program caps the purchase price at $338,000.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Rocky Mountain Community Land Trust Homeownership Program serves buyers purchasing in Colorado Springs, Colorado.

• The program targets specific areas: Colorado Springs, Manitou Springs, El Paso County.

How do you apply?

Applications for Rocky Mountain Community Land Trust Homeownership 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; RMCLT prep program.

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.