HOUSING OPPORTUNITY FUND
RENTERS

GRANT GUIDELINES & APPLICATION

The Telluride Foundation’s Housing Opportunity Fund (HOF) offers grants to assist with some of the costs associated with moving into a home or apartment. Grants may only be awarded to a Qualified Worker who is signing a lease on an apartment in the Telluride Foundation’s Service Area (SA) identified as San Miguel, Ouray, West Montrose counties and the Town of Rico. HOF rental grants are gifts and do not need to be paid back. If awarded an HOF grant, the grant must be paid to the landlord noted on the lease submitted.

Grants may only be used to pay for ONE of the following and may not exceed $1,000.

• First month’s rent
• Last month’s rent
• Security deposit

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 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

• Has 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

Additional Criteria:

• If renting a deed restricted home or apartment, buyer must first qualify for the deed restriction (Town of Telluride, San Miguel County, Town of Mountain Village) and provide documentation of approval with their HOF application. This is the renter’s first step. It is only after approval by the appropriate housing authority that the renter may proceed with the HOF loan 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 HOF application.

We recommend that you begin the HOF 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 HOF application. 

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

REQUIRED DOCUMENTS:

• • HOF 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, both Applicant and Co-Application will be required to sign a Grant Agreement confirming the exact purpose of the funds awarded.

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.