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Affordable Housing Studies completed by Economic Planning Systems for the Affordable Housing Task Force
For more information on the housing studies please contact Alison Hade at 970 - 962 - 2517 or at alison.hade@cityofloveland.org.
MetroDPA Program Launches in Loveland to Expand Housing Affordability
Program provides down payment assistance to qualifying home buyers
metroDPA, a housing assistance program offering 30-year fixed-rate mortgages with down payment assistance, is now available to homebuyers in Loveland. The program was approved by the City’s Affordable Housing Commission and City Council earlier this year and is available at no cost to Loveland residents or the City.
The metroDPA program started in 2013 and is unique compared to similar programs available in other states. The program is administered at the county level instead of the state level and delivers affordability to middle-income households. The City and County of Denver runs the program, offering it to surrounding cities and counties to maximize affordable housing opportunities across the state. Investment banking firm Stifel Nicolaus & Company, Incorporated manages the program.
The affordable housing program offers various levels of down payment assistance—up to 6%—that help borrowers with closing costs and the required down payment to purchase a home. The assistance is provided at 0% interest and forgiven monthly over three years. After three years, no repayment is required. Applicants eligible for assistance must have a qualifying minimum credit score of 640 or 680 depending on the loan type, meet income limits of $150,000, and purchase price limits of $548,250. Property/home type restrictions will be determined according to the loan type.
Loveland joins Berthoud, Greeley, Fort Collins, Larimer County, and 41 other communities to offer the program. From 2013 through Sept. 2020, the program has helped 2,559 households and provided more than $27.3 million in down payment assistance.
“A forgivable down payment makes homeownership that much more affordable and helps meet the City’s goal of attainable housing,” said Alison Hade, director of the City of Loveland’s Community Partnership Office. “With the rising costs of real estate in Northern Colorado, the metroDPA program provides an incredible opportunity to make homeownership in Loveland a reality. This is great news for Loveland, especially during Fair Housing Month and we encourage qualifying residents to connect with us to learn more and take advantage of this new resource.”
More information about the program is available at www.metroDPA.org
MetroDPA, a housing assistance program offering 30-year fixed-rate mortgages with down payment assistance, is now available to homebuyers in Loveland. The program was approved by the City’s Affordable Housing Commission and City Council earlier this year and is available at no cost to Loveland residents or the City. Read more about this affordable housing assistance program.
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