Colorado SB040 establishes an Affordable Home Ownership Program to support first-time homebuyers with income up to 120% of the area median income.

Colorado SB040 creates an Affordable Home Ownership Program administered by the division of housing within the Department of Local Affairs. The program provides home ownership down-payment assistance to first-time homebuyers and prioritizes first-generation homebuyers. Eligible households must have income less than or equal to 120% of the area median income. The monthly housing costs, including mortgage, taxes, and fees, must not exceed 35% of a household's monthly income. The bill allows the division to modify this percentage for a residential unit under a waiver process.

Colorado SB040 establishes an Affordable Home Ownership Program to support first-time homebuyers with income up to 120% of the area median income.

Colorado SB040 creates an Affordable Home Ownership Program administered by the division of housing within the Department of Local Affairs. The program provides home ownership down-payment assistance to first-time homebuyers and prioritizes first-generation homebuyers. Eligible households must have income less than or equal to 120% of the area median income. The monthly housing costs, including mortgage, taxes, and fees, must not exceed 35% of a household's monthly income. The bill allows the division to modify this percentage for a residential unit under a waiver process.