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What is the source of funding for the Boulder County Down Payment Assistance Program?

April 26, 2017boulder county down payment funding program source

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What is the source of funding for the Boulder County Down Payment Assistance Program?

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Funding originally came from the Community Development Block Grant (CDBG) and HOME Programs, federally funded grants to the City of Longmont. Currently, the main source of funding for the loan comes from program income. When homeowners with down payment assistance loans pay back their loan, that money is re-lent to other first-time buyers. The City also receives periodic funding from the Colorado Division of Housing as well as local City funding from the CDBG and HOME Programs.