Solution Grant Down Payment Assistance

What is Solution Grant Down Payment Assistance?

Solution Grant Down Payment Assistance is a grant for homebuyers in Boulder, Colorado.

• The Solution Grant is a true (non-repayable) down payment and closing cost grant from the City of Boulder Affordable Housing Fund. The grant is reserved for buyers purchasing select Permanently Affordable for-sale homes (deed-restricted) or Thistle Communities Land Trust homes located within Boulder city limits. The grant is sized to bridge the gap between the buyer's available assets and the funds required to close. Each eligible Permanently Affordable listing on the City's homeownership webpage is flagged with Solution Grant eligibility. Funds are limited and disbursed on a first-come, first-served basis.
• True grant (no repayment) bridging the gap between the buyer's available cash and the funds needed to close on a Permanently Affordable home or Thistle Communities Land Trust home in Boulder city limits. Grant amount is calculated from the demonstrated funding gap.
• Funding comes from Local Government and City Affordable Housing Fund.

Do you have to pay it back?

Solution Grant Down Payment Assistance is structured as a grant, so it is not repaid.

• Repayment is triggered by None — true grant and no repayment required.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Solution Grant Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Solution Grant Down Payment Assistance limits household income to 79% of the area median income, which varies by county and household size.

• Household income max at HUD+10 (~79.2% AMI Boulder MSA) by size: 1-person $83,555; 2-person $95,435; 3-person $107,395; 4-person $119,275; 5-person $128,860; 6-person $138,360; 7-person $147,945; 8-person $157,450. Asset cap is variable and based on demonstrated need (grant recipients generally have <$15,000 in non-retirement assets). Some retirement assets exempt by age tier.
• The limit applies to total household income, not only the borrower&rsquo;s.
• The program lists a maximum household size of 8.
• 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?

Solution Grant Down Payment Assistance caps the purchase price as follows: Set by individual Permanently Affordable / Community Land Trust listing maximum sale price (deed-restricted resale formula).

• Eligible property types include Permanently Affordable single-family detached, Townhome, Condominium, and Thistle Communities Land Trust home (deed-restricted).
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Solution Grant Down Payment Assistance serves buyers purchasing in Boulder, Colorado.

• The program targets specific areas: Limited to specific deed-restricted Permanently Affordable homes and Thistle Communities Land Trust properties identified on the City of Boulder homeownership listings.

How do you apply?

Applications for Solution Grant Down Payment Assistance 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 City of Boulder homebuyer orientation; HUD-approved homebuyer education required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served via City of Boulder Homeownership Program application, 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.