The City of Boulder launched a pilot program in order to help middle-income community members buy a home in the city.
"The goal of this pilot program is to encourage home ownership opportunities for middle income households in the city,” said Hollie Hendrikson, City of Boulder housing policy senior project manager. “We’re talking firefighters, teachers, architects. Like, there's all these community members we need for a healthy community that are priced out. So the goal of the program is to get those families to live where they work.
The city would provide a loan of up to $200,000 or 30% of the home's sale price, whichever is less. The 0% loan must be repaid in 15 years or whenever the home is refinanced or sold. "For a household earning $160,000 in many parts of the country would be not considered middle income. But for the city of Boulder, it's squarely in that middle income profile,” said Hendrikson.Hendrikson said there is a price cap of $1.3 million for single family homes and $545,000 for an attached or town home.
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