Summit County awarded $99,776 for down-payment assistance program | SummitDaily.com
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Summit County awarded $99,776 for down-payment assistance program

DAILY NEWS STAFF REPORT

DENVER – Gov. Bill Ritter has announced that $99,776 has been awarded to Summit County to continue funding for an existing down-payment assistance program operated by the Summit Combined Housing Authority. The program serves people employed in Summit County with income below 80 percent of the area median income, and it is not restricted to first-time homebuyers. Buyers make monthly payments to SCHA based on a 3 percent interest rate and 20-year term. The SCHA requests funding for 16 loans, with an average loan amount of about $18,000. Homebuyers are required to participate in a CHFA-certified homebuyer training program, which SCHA provides. This program is operated in accordance with the CDOH Down Payment Assistance Program Guidelines.

“Providing funding for these local housing efforts is essential,” said Gov. Ritter. “I am pleased the state is able to assist Colorado communities in providing needed services to their residents.”

Susan Kirkpatrick, executive director of the Department of Local Affairs said: “Investment in affordable housing is important to the state and to the communities in Summit County. It not only provides an essential service to each household, it benefits the entire community by stabilizing the local economy and expanding the tax base.”

For more information go to http://www.summithousing.us


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