HOUSING OPPORTUNITY FUND
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 3rd 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 3rd 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 5th anniversary of the loan disbursement date, the HOF loan is completely forgiven.
- 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:
Town of Mountain Village:
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.
- 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.