For many people, owning a home provides stability, security, and a way to build long-term wealth for their families. However, even for hardworking community members, saving enough money for a large down payment can still be a major challenge. To help make buying a home possible, the City and County of Broomfield Housing Division has partnered with the Colorado Housing Assistance Corporation (CHAC). Together, they offer the Broomfield Down Payment Assistance Program (DPA) to help eligible residents buy a home.
This program uses State of Colorado Proposition 123 grant funding from the Department of Local Affairs to help lower local housing costs and support the area economy. By providing financial help to first-time or first-generation homebuyers, the program assists residents in purchasing homes so they can remain in Broomfield for the long term. To qualify as a first-time homebuyer, an individual cannot have owned a home within the past three years. While the program prioritizes first-generation homebuyers to help build generational wealth, all eligible applicants are encouraged to apply and will be considered.
Eligible buyers purchasing a home within Broomfield city limits can receive up to 20% of the sale price for a down payment. Depending on an applicant’s financial situation, some residents may receive a smaller percentage of assistance to best fit their needs.
To help keep homes affordable over time, the program offers financial aid as a 30-year loan with zero interest. Buyers do not need to make monthly payments on this loan. Repayment is only required at the end of the 30-year term or when the home is sold or transferred to a new owner. To qualify, buyers must meet certain household income limits and attend an accredited first-time homebuyers education course. They must also put at least $1,000 or 1% of the home purchase price toward the purchase, whichever amount is higher.
This program helps more than just individual buyers, it helps the whole community grow stronger. For example, local resident John R. used the program to buy his home. Having a stable place to live gave him the foundation to start a local business and give back by applying to serve on a civic board. Other buyers include recent graduates who could afford to stay near their family and single parents looking for a safe home and community for themselves and their children.
For buyers working toward homeownership, this program opens the door to making a down payment possible.
To learn more about the program and apply, interested buyers or their mortgage lender can email Veronica Ware at veronicaw@chaconline.org.
