NEW DOWN PAYMENT ASSISTANCE PROGRAM – COMING SOON

Exciting News! This spring, the Telluride Foundation will launch a NEW Down Payment Assistance Program designed to help our regional workforce achieve homeownership. The program will provide up to $50,000 in assistance for qualified individuals, with some eligible for even greater support.

To make this transformative program a reality, we’re actively fundraising. Thanks to the incredible generosity of our community, we’ve already raised $1 million! But we need your help to close the gap—just $400,000 more is needed to launch this spring. Every contribution brings us closer to helping local workers put down roots in our community.  If you would like to support our efforts, please click the DONATE button anywhere on the website and Designate your gift to Housing Opportunity Fund – Down Payment Assistance. For more information, please contact Elaine Demas at elaine@telluridefoundation.org.

Together, we can make homeownership possible for those who make our region thrive. Thank you for being part of this effort! Need to apply now for down payment assistance? Please read on….

Existing Housing Opportunity Fund

Initiated by the Trust for Community Housing in 2019, and funded through the generosity of many Telluride Foundation donors, organizations, municipalities and private foundations, the Foundation’s Housing Opportunity Fund (HOF) provides forgivable loans (maximum $5,000) to assist qualified buyers with home acquisition costs and grants to assist renters with the upfront costs of moving into rental housing within the Telluride Foundation’s service area. These loans and grants are intended to provide renters and buyers with the financial support they need to acquire housing: down payment assistance or closing costs for buyers and first/last month rent or security deposit for renters.

Individuals and families who meet the income and net assets limits of the program (detailed below) are welcome to apply by completing the appropriate application.  In addition to falling within these income and net asset limits, additional qualifications are required and are detailed in each application. All applications must be submitted prior to purchasing the home, or moving into the rental you are seeking assistance for.

• Have a household income at or below the following income limits (150% Area Median Income).
  • One Person:$115,050
  • Two People: $ 131,550
  • Three People: $148,050
  • Four People: $164,400
  • Five + People: $177,600
•  Have household net assets valued at, or below the following limits:
  • One Person:  $131,500
  • Two People: $187,500

*Requirements and Guidelines for applying for and receiving funds from the Foundation’s HOF may change periodically based on community demand and resources available.