Community Housing Program, City of Longmont, Colorado

Community Housing Program

Affordable Homes for Sale

Application Packet

Frequently Asked Questions

Program Guidelines

Program Requirements

What is the Community Housing Program?

What is the Community Housing Program? The City of Longmont requires housing developers to make at least 10% of the housing units in new developments affordable. The savings is passed on to income and asset-eligible buyers. Once purchased, a Covenant is placed on the property to keep it affordable for a minimum of 10 years (called the Period of Affordability). Some units are affordable for 15 or 20 years, and some are permanently affordable. Covenants keep the properties affordable to others who may purchase it within the affordability period.

If a property is sold within the period of affordability, then the sales price must be no more than the Maximum Resale Price (set by the City) and must be sold to an eligible buyer.

For the first sale after the end of the Period of Affordability, the Affordable Housing Program will share in the home's appreciation. A payment equal to 25% of the total actual appraised value of the house at the time of the sale less the original purchase price (min. $5,000 payment required) must be made and will be used for other affordable housing programs within Longmont.

Program Requirements

Household income must be below maximum for the development

Meet asset requirements

Priority is given to households currently living or working in Longmont

Complete a Home Ownership Training Course

Qualify to obtain a mortgage large enough to afford the property (non-occupying co-borrowers not permitted). The city does not accept subprime, interest-only, or adjustable rate mortgages.

Meet with the Housing Counselor for a one-on-one budget session

Contribute a minimum of $2,000 of own funds (lenders and/or developments may require more) for applications received after February 1, 2009.

Sign a Covenant, agreeing to abide by the requirements of the purchase, including terms of affordability

Occupy the unit being purchased as sole residence and not own other habitable property.

For first-time homebuyers, the Down Payment Assistance Program may be used with this program

All household members over the age of 18 must ccomplete a residency affidavit and provide a copy of an approved form of identification (see affidavit form).

Application Packet

Boulder County Common Application Packet (adobe pdf document 216 KB) May be used to apply for any or all of the housing programs in Boulder County, including the City of Longmont, City of Boulder, and Thistle Community Housing. Please download packet. Complete the Boulder County common application and mail it with all required documentation and the application fee to: Molly McElroy, City of Longmont, CDBG Office, 350 Kimbark St., Longmont, CO 80501.

Incomplete applications cannot be fully processed and may well delay determining your eligibility for the program.

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