Have you heard of Stapleton Colorado? If you are looking to move to the Denver area, you probably have. Stapleton is a neighborhood that is growing dramatically. Home prices are on the rise. The economy is great and the market is white hot. So, how do you get into this area if you can’t pay the median home value of $564,5000.00?
It’s time to check out the affordable housing options in Stapleton. And right now, there are eighteen affordable housing communities in Denver. You are going to have a lot of questions about how affordable housing works. We are going to help you answer your questions.
What is Affordable Housing?
Denver’s affordable housing ownership program is specifically designed to help qualified, modest-income residents own safe, affordable condos and houses. It is based on the Denver Inclusionary Housing Ordinance (IHO) The IHO has been in effect since January 1, 2017 for new and future construction, affordable for-sale units in Denver are still protected by long-term covenants that the IHO helped create.
What kind of house can I purchase?
You can buy a single-family, detached house, town home or condo or a duplex. You must occupy this home as your primary residence. We do not have a limit on the property price beyond what your lender believes you can qualify for. Note: This program does not include refinancing of properties you already own.
Here is an example of town homes that will be added to the affordable housing inventory.
“Thrive Home Builders, Forest City Stapleton and the city of Denver are teaming up to provide a rarity within city boundaries — a new home priced at less than $200,000.” -Denver Post
Where should the home I buy be located?
At this time, any home in Denver, Arvada, Aurora, Bennett, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Edgewater, Englewood, Firestone, Golden, Lakewood, Littleton, Parker, Sheridan, Thornton, Westminster, or Wheat Ridge can be purchased through this program; the home must be within the incorporated city limits of the participating city. In addition, Arapahoe County, Jefferson County and Boulder County are program participants for properties within unincorporated areas. Additional Metro Mayors Caucus jurisdictions are expected to join the program throughout the year.
How do I know if I Qualify?
That’s easy…Ask us! There are several different layers to qualification including the income requirements.
The best way to know if you do qualify to buy (and how much home you can afford) is to ask us. We can get you the most accurate information.
You can send an email to Tricia right now tricia@lendingmaven.com.
