HOUSING OPPORTUNITY FUND
BUYERS

GUIDELINES & APPLICATION

The Telluride Foundation’s Housing Opportunity Fund (HOF) offers 100% forgivable loans to assist qualified workers with the purchase of a home. Loan amounts may not exceed $5000 and may only be awarded to a Qualified Worker purchasing a deed restricted housing unit in the Telluride Foundation’s Service Area (SA) identified as San Miguel, Ouray, West Montrose counties, and the Town of Rico. The purchase price of the home may not exceed $800,000. The program is not available for land purchases.

Qualified Workers are defined as individuals that:

Have been working full-time (no less than 1,400 hours annually) in the SA for at least the past 12 months.
Do not own any other property (residential, commercial, improved or land) in the SA.
Have not received funding from the Housing Opportunity fund in the past.
Have a household income at or below the following income limits (150% Area Median Income).
- - - One Person:$100,550
    - Two People/Couple: $134,750
    - Three People: $121,950
    - Four People: $129,150
    - Five + People: $143,400
Have household net assets valued at, or below the following limits: 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).
If you need assistance calculating your net assets, download this FORM. You do not need to include this form with your application, it is simply a calculation tool.

- - - One Person: $131,500
    - Two People: $187,500

Loan Forgiveness/Pay Back: If awarded an HOF loan, 50% of the amount awarded is forgiven on the 3^rd anniversary of the loan disbursement date. Prior to that date, should the home buyer/loan recipient sell the home, or move out, or for any reason no longer qualify as a Qualified Worker, the entire loan amount must be paid back.

After the 3^rd anniversary of the loan disbursement date, should the home buyer/loan recipient sell the home, or move out, or for any reason no longer qualify as a Qualified Worker, 50% of the loan must be paid back.

On the 5^th anniversary of the loan disbursement date, the HOF loan is completely forgiven.

Additional Criteria:

Purchaser must first qualify for the appropriate deed restriction (ex. Town of Telluride, San Miguel County, Town of Mountain Village) and provide documentation of approval with your HOF application. This is a buyer’s first step. It is only after approval by the appropriate housing authority that you may proceed with the HOF loan application.
If more than one person is purchasing the home, only one person is required to be a Qualified Worker to apply for funding, and maintain Qualified Worker status, however the income, net asset and property ownership of any co-applicant to the purchase will be taken into consideration for purposes of determining qualification.

For more information on the approval process to purchase a deed restricted home, 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 if you meet these qualifications, please reach out to us at HOF@telluridefoundation.org. We are happy to speak with you before you begin your HOF application.

We recommend that you begin the HOF application process immediately after you are under contract to purchase your home. We require a copy of your completed mortgage application to complete your HOF submission, so you may want to be working on both applications at the same time.

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

REQUIRED DOCUMENTS:

HOF Application
Proof of qualification from the appropriate housing authority
Proof of employment stating length of employment and salary
Copy of your last 2 pay stubs
Executed Contract To Purchase
Completed mortgage application
Page one of your last two years of tax returns
Loan closing cost Settlement Statement from title company
Any supplemental information i.e. 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. Once evaluated for completion, it takes approximately 2 weeks for a determination to be made on your application.

If you are awarded a loan, you will be required to sign a Promissory Note agreeing to the terms of the loan. We will work with you, your lender and title company to determine the appropriate form of payment.

Requirements and guidelines for applying for and receiving funds from the Foundation’s HOF may change periodically based on community demand and funds available. Qualification does not guarantee funding.

Loan Application for purchase of A deed restricted home

"*" indicates required fields

Hidden

Next Steps: Sync an Email Add-On

To get the most out of your form, we suggest that you sync this form with an email add-on. To learn more about your email add-on options, visit the following page (https://www.gravityforms.com/the-8-best-email-plugins-for-wordpress-in-2020/). Important: Delete this tip before you publish the form.

This form should take 15-25 minutes to complete. If you wish to start the application and finish it later, there is a save and continue button towards the bottom.

About You

Applicant's name*

First Last

Phone*

Email*

Mailing Address*

Street Address Address Line 2 City State ZIP Code

Months of full time residence in region*

Employment Info

Occupation or job description*

Months of full time employment in region*

Place of employment*

Annual salary*

Employer contact name*

Employer phone number*

Net assets*

Use this section to list your Net Assets and their value. If you need help calculating your Net Assets, please refer to the Guidelines.

Do you own any other property in the SA? (described above in the Guidelines)*

Yes

Owning property in the SA disqualifies you for HOF support, please contact us at hof@telluridefoundation.org if you have any questions about this requirement.

Co-Applicant Info

Will a co-applicant be applying?*

Yes

Co-applicant's name*

First Last

Phone*

Email*

Mailing address*

Street Address Address Line 2 City State ZIP Code

Months of full time residence in region*

Co-Applicant Employment Info

Months of full time employment in region*

Place of employment*

Occupation or job description*

Annual salary*

Employer contact name*

Employer phone number*

Net assets*

Use this section to list your assets and their value.

New Property Info

New property address*

Street Address Address Line 2 City State ZIP Code

Amount requested ($)*

Proposed use of funds*

About You

Tell us about yourself*

Who you are and your involvement in our community. Include anything you think we should know about you when we consider your application.

Personal statement*

Please provide a detailed explanation supporting your financial need for a Housing Opportunity Forgivable Loan.

Please provide the names and phone numbers of at least three local references:

Reference 1 name*

Phone*

Reference 2 name*

Phone*

Reference 3 name*

Phone*

Are you receiving any financial down payment assistance from a family member, bank or other institution for the purchase of your home? Please explain.*

Yes

Other

If you answered "Yes" to the above question, please explain what assistance you are receiving.*

I certify by typing my name in this form field that this information is accurate and true to the best of my knowledge.

Applicant*

Date*

Co-Applicant*

Date*

Document Upload

All documents uploaded will be placed in a secure/encrypted DropBox.

Proof of qualification from the appropriate Housing Authority.*

Drop files here or

Max. file size: 50 MB.

Proof of employment stating length of employment and salary.*

Drop files here or

Max. file size: 50 MB.

Copy of your last two paystubs from you employer (applicant and co-applicant).*

Drop files here or

Max. file size: 50 MB.

Executed real estate contract.*

Drop files here or

Max. file size: 50 MB.

Completed mortgage application clearly stating income and assets.*

Drop files here or

Max. file size: 50 MB.

Page one of your last two years of tax returns (applicant and co-applicant).*

Drop files here or

Max. file size: 50 MB.

Loan closing cost summary statement from title company.*

Drop files here or

Max. file size: 50 MB.

Supplemental information or personal letter (not required).

Drop files here or

Max. file size: 50 MB.

If you are awarded a loan, you will be required to sign a Promissory Note agreeing to the terms of the loan. We will work with you, your lender, and title company to determine the appropriate form of payment.

Prove you're a human. What is 5 + 3?

Home > Impact Intiatives > Housing Opportunity Fund > Loan Application for Deed Restricted Home

HOUSING OPPORTUNITY FUND BUYERS

GUIDELINES & APPLICATION

Loan Application for purchase of A deed restricted home

Next Steps: Sync an Email Add-On

About You

Employment Info

Co-Applicant Info

Co-Applicant Employment Info

New Property Info

About You

Document Upload

HOUSING OPPORTUNITY FUND
BUYERS