RENTAL ASSISTANCE
SECURITY DEPOSIT LOANS

LOAN GUIDELINES & APPLICATION

The Telluride Foundation’s Housing Opportunity Fund (HOF) offers 0% interest loans to assist with the cost of the Security Deposit on a new rental. Rental Assistance Loans (RAL) may only be awarded to Qualified Workers (see guidelines below) who are signing a lease on an apartment in the Telluride Foundation’s Service Area identified as San Miguel and Ouray counties, and the towns of Nucla, Naturita and Rico. If awarded, the RAL  (maximum $2,500) is paid directly to your Landlord to help cover the cost of your Security Deposit. If the required security deposit exceeds $2,500, you are responsible for paying the remaining balance directly to your Landlord before taking possession of your rental. Although financial information for all members of your household is required to determine qualification, only one person (or legally married couple) is allowed to apply, and that one person (or married couple) assumes all responsibility for repayment of the RAL regardless of how many individuals may be legal signers on your lease and/or part of  your household.

You as the Applicant are ultimately responsible for all rents owed and any damages you or anyone living with you cause to your rental. When you vacate your rental, if 100% of the RAL you received is returned to the Telluride Foundation, your obligation is completely released. If any portion of your security deposit is retained by the Landlord for damages or unpaid rent, the portion of the Security Deposit that you paid directly to the Landlord will be applied first. The portion of the Security Deposit paid for through your RAL will only be used if your security deposit contribution is insufficient to cover deductions the Landlord is holding back. If your RAL is used to cover any unpaid rents or damages, you will owe that amount back to the Telluride Foundation. You will be required to sign loan documents that verify your promise to pay this loan back regardless of any disputes you may have with your Landlord over the return of your security deposit.

Qualified Workers are defined as individuals that:

• Have been working full-time (no less than 1,400 hours annually) in the Telluride Foundation’s Service Area for at least the past 12 months.
• Do not own any property (residential, commercial, improved or land).
• Have not received funding from the Housing Opportunity fund in the past
• Have a gross household income at or below the following limits (150% Area Median Income).

• Has household net assets valued at, or below 1x your gross income: Net Assets include money you (and if applicable, co-applicant) have in savings or checking accounts, investments, and any equity in real estate, cars, or other similar assets. When calculating your net assets, do not include retirement funds (ex. IRA, 401K).

Additional Criteria:

• If renting a deed restricted home or apartment, you must first qualify for the deed restriction (Town of Telluride, San Miguel County, Town of Mountain Village, town of Rico) and provide documentation of approval with your loan application. This is your first step. It is only after approval by the appropriate housing authority that you may proceed with your RAL application.
• If more than one person is signing the lease, only one person is required to qualify and maintain status as a Qualified Worker, however the income, net asset and property ownership limits of all individuals on the lease will be taken into consideration for purposes of determining the applicant’s collective financial qualification.

For more information on the approval process to lease a home or apartment, please visit the appropriate Housing Authorities website.

Town of Telluride: 

https://smrha.org/housing-programs/town-of-telluride/

Town of Mountain Village:   

https://smrha.org/housing-programs/town-mountain-village/

San Miguel County:   

https://smrha.org/housing-programs/san-miguel-county/

Application Process: If you are unsure that you meet these qualifications, please reach out to us at HOF@telluridefoundation.org. We are happy to speak with you before you begin your Security Deposit Loan application.

We recommend that you begin the application process immediately after you have identified the home or apartment you wish to rent. We require a copy of your lease to complete your application. 

All applications and documents remain confidential and will only be reviewed by the Telluride Foundation’s Granting Committee and can be uploaded along with your completed application.

REQUIRED DOCUMENTS:

• • Rental Loan Application
  • If renting a deed restricted home or apartment, proof of qualification from the appropriate Housing Authority (ex. SMRHA, Town of Mountain Village) for applicant and co-applicant
  • Proof of employment stating length of employment and salary
  • Copy of your last two pay stubs from your employer (for applicant and co applicant)
  • Copy of your lease
  • Page one of your most recently filed tax return (for applicant and co applicant) 
  • Supplemental information or personal letter (not required)

Once we receive your application, we will get back to you within one week to let you know if your application has been received and is complete. It takes approximately 2 weeks for a determination to be made on your application.

If approved, you will be required to sign a loan agreement.

Requirements and guidelines for applying for and receiving funds from the Foundation’s HOF may change periodically based on community demand and funds available. Telluride Foundation’s website may not reflect recent changes in the program’s guidelines or qualification criteria. Qualification does not guarantee funding.