Summit Housing Authority wins two state grants |

Summit Housing Authority wins two state grants

KIM MARQUISsummit daily news

The Summit Housing Authority this month received two grants from the Colorado State Housing Board that stand to help new and old homeowners.A $417,000 grant for down payment assistance will be added to the county’s revolving fund for low-interest loans to people who need help purchasing property in the area.The housing authority has already made low-interest loans to 188 locals totaling nearly $1.5 million through the program. The new funds will be added to the pool to help future buyers get down payment assistance.The second grant for $260,000 will help locals get low-interest loans to rehabilitate property that is in disrepair.The housing authority plans to help up to 14 people deal with health or safety issues at older properties around the county.The funds will likely help four separate property owners at Vienna Townhomes pay for a homeowners’ assessment for $12,000 each. Other homeowners have applied for help to fix roofs, plumbing, heating and electrical problems.Both types of loans hold a 3 percent flexible interest rate and are offered to people who earn less than 80 percent of the county’s area median income (AMI), which in Summit County is $43,840 per person or $62,720 for a family of four.

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