News > How to Buy Affordable Condos in Boulder

published on 2014-06-20

Boulder can be expensive. We’re talking about some pretty sizable price tags in the downtown area. A lux condo at the Pearl St. Lofts, for example, recently listed at $1.6 million and change. A penthouse condo downtown was just listed for $5 million. For some of us, that amounts to full on sticker shock.

The thing is, people want to live here and not everybody has that kind of money. That’s why the city of Boulder adopted a “permanently affordable homes” initiative. They call it Homework. It’s one way to keep some homes affordable in the city. If you’re struggling to put together a plan to buy a downtown Boulder condo, you owe it to yourself to check this out. Here’s how.

There are several types of assistance available:

1. A solution grant – this is designed to cover the gap between the minimum down payment and closing costs. Read the details to find out how to get one.
2. A shared appreciation loan (Home to Home Appreciation Loan H20)- up to 15 percent of the loan may be available to qualified buyers.
3. Metro Mortgage Assistance Plus (MMAP) –This is administered by the City of Denver. Qualified buyers get up to 4 percent of the loan in a non-repayable grant.
4. Personal Investment Enterprise (PIE) - $4 match for every dollar a homebuyer saves towards a down payment – up to $1,000 ($4,000 match)

Next, how do you find an affordable condo in Boulder that is part of this program? You can look on our website - if a condo is in this program, you'll usually see it mentioned on our website in the text of a particular listing.  For example, there are several condos in this program in Dakota Ridge Village. This is a newly developed green community in North Boulder on the edge of a nature preserve. It includes townhomes, condos, lofts, row houses and single-family homes with diverse architectural styles.

We can find more for you if this program is of interest.  Contact us for a list!

 

 

Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.

Related Links

• BOULDER
• DAKOTA RIDGE VILLAGE
• Boulder Condos Buyer Guide

 

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