Posts tagged HUD
Boulder expands grant assistance available for low- and middle-income home buyers
Aug 22nd
The City of Boulder has joined other jurisdictions in the Metro Mayor’s Caucus in making homeownership more affordable through a non-repaid grant available to low- and middle-income buyers.
The program provides a competitive 30-year fixed-rate mortgage with a grant for down-payment assistance equal to 4 percent of the mortgage amount. Income requirements are less than $91,100 for households of two or fewer persons, and less than $103,000 for three or more.
“This is a great opportunity for qualified individuals,” said Jeff Yegian, acting manager of the Division of Housing. “City of Boulder participation in this program adds another resource to make homeownership in Boulder more accessible to low- as well as moderate- and middle-income households.”
Other conditions for participation include:
- Standard loan guidelines must be met.
- Buyers must have a minimum FICO score of 640 (660 for manufactured homes), and a maximum debt-to-income ratio of 45 percent.
- Buyers must complete a HUD-approved homebuyer education class. The class currently required of buyers for the City of Boulder Permanently Affordable Homes program satisfies this condition.
- Purchasers must occupy the home as their primary residence, but they do not have to be a first-time homebuyer.
There is no limit on the property purchase price, although it should not exceed the lender’s loan approval amount. This program is intended for purchase of a primary home, and excludes refinance or purchase of a second property. Approved structures include single-family detached homes, condominiums, townhomes, duplexes and manufactured homes.
This program does not require repayment and funding is expected to continue through approximately December 2014.
A complete list of approved lenders and additional information for lenders who wish to become approved for the program is available at the City of Denver’s website,http://www.denvergov.org/oed/DenverOfficeofEconomicDevelopment/HousingAssistance/MetroMortgageAssistancePlus/tabid/444354/Default.aspx, or email Stacy Houston at stacy.houston@raymondjames.com.
[includeme src=”http://c1n.tv/boulder/media/bouldersponsors.html” frameborder=”0″ width=”670″ height=”300″]
–CITY–
Boulder County awarded Family Unification Program vouchers HUD program helps stabilize families and move them toward self-sufficiency
Jun 22nd
Boulder County, Colo. – In recognition of its effective, integrated approach to human services delivery, where children and families are offered a full continuum of early and preventative support services that increase their safety and their chances to be self-sufficient, the Boulder County Department of Housing and Human Services was recently awarded 50 Family Unification Program Housing Choice Vouchers by the U.S. Department of Housing and Urban Development.
Only 150 vouchers were awarded in Colorado and less than 2,000 nationwide.
By providing access to stable housing and supportive services, the Family Unification Program enables Boulder County to reunite children in foster care with their parents or to prevent children from entering the foster care system. Research consistently shows that children who are able to safely stay with their families have much better long-term outcomes than children who are removed from their homes.
FUP vouchers will be available for families whose inadequate housing is the primary factor in the separation or near separation from their children. Families and youths are permitted to rent housing from private landlords and generally pay 30 percent of their monthly income toward rent and utilities. County staff will refer eligible clients to the voucher program.
“We feel strongly that a lack of affordable housing is not a valid reason to separate children from their families,” said Frank Alexander, Director of the county’s Department of Housing and Human Services. “With these vouchers, we can ensure that families have a safe and affordable place to live and thereby remove one obstacle from parents who want to take care of their children but do not have the financial resources to do so. Providing short-term supportive services to at-risk families on the front end can make the difference for kids and families over the long term.”
According to the National Center for Housing and Child Welfare, it costs the federal government approximately $56,892 annually per family to place children into foster care. Yet the cost to provide housing and supportive services to one family averages less than $14,000 annually. Through this investment in FUP to reunify families who are separated due to a lack of affordable housing options, the U.S. Department of Housing and Urban Development, known as HUD, will reunite nearly 3,500 children with their parents, thus saving $74 million in annual foster care expenditures.
Cost savings are also considerable for young people aging out of foster care. The average annual cost of a FUP voucher for young adults is $5,600 – a 10th of the estimated costs associated with undesirable outcomes such as homelessness, incarceration, and residential treatment.
“Boulder County is proud to be leading the way in providing a highly integrated, locally delivered housing and human services system and appreciates HUD’s recognition of this innovative approach to service delivery,” Alexander said.
