City of Colorado Springs / Housing Development / Programs and Services / Affordable Housing / Homeownership

Homeownership

Homesold to a first time homebuyer
Home sold to a first time homebuyer
Owning a home is a goal for many families.  Homeownership brings with it tax benefits, the ability to develop equity, and having a place of one's own.  Housing Development provides for homeownership opportunities in many different ways. The following programs are supported by the City to encourage homeownership for low to moderate income households:

SINGLE-FAMILY MORTGAGE BOND PROGRAM
This program provides mortgage financing in order to purchase a home. The mortgage also includes a small grant (4%) to be used for downpayment and closing costs. This program is operated in conjunction with the El Paso County Office of Economic Development and Public Finance. Please contact El Paso County at 520-6480 for more information.

DOWNPAYMENT ASSISTANCE LOANS
This program provides a low-interest "second" loan in order to meet the obligations for downpayment and closing costs. Please contact Housing Authority at 387-6700 for more information.

ROCKY MOUNTAIN COMMUNITY LAND TRUST (RMCLT)
The RMCLT is a non-profit organization that assists credit-worthy low to moderate income families in purchasing homes. The Land Trust Model allows buyers to purchase a home with fewer resources, as RMCLT acts as a co-owner and brings funds to the table for the purchase. Please call 447-9300 for more information.

HABITAT FOR HUMANITY (HFH)
HFH assists families (50% or less of Area Median Income) in purchasing new homes. Families undergo homebuyer counseling and must provide "sweat-equity" work to build their own home.  Please call 475-7800 for more information.