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.

Se consideran trabajadores cualificados las personas que:

• 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 – presence required.
• Do not own any property (residential, commercial, improved or land).
• No han recibido financiación del Fondo de Oportunidades de Vivienda en el pasado
• 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).

Criterios adicionales:

• 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.
• Si más de una persona firma el contrato de arrendamiento, sólo se requiere que una persona reúna los requisitos y mantenga la condición de Trabajador Cualificado; no obstante, los límites de ingresos, activos netos y propiedad de todas las personas que figuren en el contrato de arrendamiento se tendrán en cuenta a efectos de determinar la cualificación financiera colectiva del solicitante.

Para más información sobre el proceso de aprobación para arrendar una vivienda o apartamento, visite el sitio web de las Autoridades de Vivienda correspondientes.

Pueblo de Telluride:

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

Pueblo de Mountain Village:

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

Condado de San Miguel:

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.

DOCUMENTOS REQUERIDOS:

• • Rental Loan Application
  • Si se alquila una casa o apartamento de propiedad restringida, prueba de que el solicitante y el cosolicitante cumplen los requisitos de la autoridad de vivienda correspondiente (por ejemplo, SMRHA, Ayuntamiento de Mountain Village).
  • Prueba de empleo en la que conste la duración del empleo y el salario
  • Copia de los dos últimos recibos de sueldo de la empresa (para el solicitante y el cosolicitante)
  • Copia de su contrato de alquiler
  • Página uno de su declaración de la renta más reciente (para el solicitante y el cosolicitante)
  • Información complementaria o carta personal (no es obligatorio)

Una vez recibida su solicitud, nos pondremos en contacto con usted en el plazo de una semana para comunicarle si la hemos recibido y está completa. La decisión sobre su solicitud tarda aproximadamente dos semanas.

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.