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HomeMy WebLinkAboutR07-079 Eagle County Loan Fund Revised Adoption
Commissioner 7~t.01 moved for adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2007- D3.1"'
RESOLUTION ADOPTING REVISED EAGLE COUNTY LOAN FUND
WHEREAS, Eagle County, Colorado ("County") is a political subdivision of the State
of Colorado ("State"), duly organized and existing pursuant to the laws and the Constitution of
the State; and
WHEREAS, the Board of County Commissioners of the County of Eagle, State of
Colorado (hereinafter "the Board") established the Eagle County Down Payment Assistance
Program in 1997 (hereinafter "Down Payment Assistance Program") to assist citizens of Eagle
County in becoming homeowners; and
WHEREAS, the Board of established the Home Buyers Assistance Committee in 1997
to administer and make recommendations concerning its various Down Payment Assistance
Funds; and
WHEREAS, Eagle County Housing and the Home Buyers Assistance Committee desires
to increase the income limits, maximum purchase price, and maximum amount of assistance
from The Eagle County Loan Fund to reflect the substantial increases in the market for
residential property in Eagle County; and
WHEREAS, the Board desires to set forth new requirements governing the Down
Payment Assistance Program relating to Income Eligibility, Maximum Purchase Price, and
Maximum Loan Amount to more accurately reflect current market conditions for residential
property in Eagle County; and
WHEREAS, Eagle County recognizes the need for income limits and maximum
purchase price to be tied to state-wide, industry standards.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, for purposes of the Down Payment Assistance Program and in determining
eligibility of individuals seeking assistance, Income Eligibility shall no longer be defined as 100
percent of area median income, but shall now be defined by the "Taxable Home Opener Income
Limits" for Eagle County defined periodically by the Colorado Housing Finance Authority
(hereinafter "CHFA"). The CHFA's Taxable Home Opener Income Limits for 2007 for Eagle
County are attached hereto as Exhibit "A."
THAT, for purposes of the Down Payment Assistance Program, Maximum Purchase
Price of the houses that can be purchased using Down Payment Assistance funds shall no longer
be dictated by the Federal Housing Authority's lending limits, but shall now be dictated by
CHF A's "HomeAccess & HomeAccess Plus Purchase Price Limits" for Eagle County as
adjusted by the CHF A and approved by Home Buyers Assistance Committee. The CHF A 2007
HomeAccess purchase price limits for Eagle County are attached as Exhibit "B."
THAT, for purposes of the Down Payment Assistance Program, maximum loan amount
using Eagle County Down Payment Assistance funds shall be 5 percent of the purchase price or
$20,000 whichever is less.
THAT, the Board may amend or modify this Resolution or the Guidelines or provision
contained herein if the Board determines and declares that amending or modifying this
Resolution or the Guidelines is necessary for the public health, safety, and welfare of the citizens
of the County of Eagle, State of Colorado.
THAT, the Board of County Commissioners finds, determines, and declares that this
Resolution is necessary for the public health, safety, and welfare of the citizens of the County of
Eagle, State of Colorado.
MOVED, READ AND ADOPTED by the Board of County CQmmissioners of the
County of Eagle, State of Colorado, at its regular meeting held this ':tL( day of July, 2007.
y:
~
Peter Runyon, Commissioner
ci -
'--4" ~ iwlu..-.-_
S-;-ra Fisher, C missioner
Commissioner '{/;A "..t..-tAV\ seconded adoption of the foregoing Resolution. The roll
having been called, the~ollows:
Commissioner Menconi
Commissioner Runyon
Commissioner Fisher
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This Resolution passed by -:J/O vote of the Board of County Commissioners of the
County of Eagle, State of Colorado.
G:\Alex Potente\County Wide Down Payment Assistance\Eagle County Fund Resolution :!()07.DOC
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C\lIOIl\l'" 11..1-1\',
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Colorado Housing and Finance Authority
1981 Blake St, Denver, CO 80202
303.297.7376 or 800.877.2432 x376
Updated
Income and Purchase Price Limits
Effective May 15, 2007
Purchase
Price Taxable Home Opener Income Limits
MRB First Step Income Limits Limits CHFA HomeStretchSm Income Limits
New and
County Name 1 Person 2 Person 3+ Person Existina 1 Person 2 Person 3+ Person
Boulder $66,000 $82 500 $94.800 $412 600 $82 500 $94.800 $107,200
Denver Metro
(Adams,
Arapahoe,
Broomfield, Clear
Creek, Denver,
Douglas, Elbert,
Gilpin, Jefferson,
Park) $57 100 $71.400 $82,100 $365 100 $71 400 $82.100 $92,800
Eagle $64 800 $81,100 $93,200 $417 000 $81 100 $93.200 $105 400
EI Paso $52 800 $66 000 $75,900 $292,500 $66 000 $75.900 $85,800
Garfield $52 800 $66,000 $75,900 $353 800 $66 000 $75 900 $85,800
Grand $52 800 $66 000 $75 900 $264 300 $66 000 $75.900 $85,800
La Plata $52 800 $66 000 $75 900 $273 300 $66.000 $75 900 $85 800
Lake $52 800 $66.000 $75 900 $417 000 $66.000 $75 900 $85,800
Larimer $ 54 800 $68,600 $78800 $281 200 $68,600 $78 800 $89,100
Pitkin $71 400 $89,300 $102,600 $343.700 $89,300 $102 600 $116 000
Routt $58 800 $73 600 $84 600 . $358 200 $73.600 $84 600 $95,600
San Miauel $57 300 $71 700 $82 400 $417 000 $71.700 $82 400 $93,200
Summit $63 000 $78800 $90 600 $388.100 $78.800 $90 600 $102,400
Teller $54400 $68 000 $78 200 $292.500 $68.000 $78 200 $88,400
Weld $52 800 $66 000 $75 900 $325.100 $66.000 $75 900 $85 800
All other Areas of
the State $52,800 $66,000 $75,900 $237.000 $66 000 $75 900 $85,800
Mortgage Loans in the HAP For Homeownership Program follow either MRB First Step Program Limits
or Taxable Home Opener Program Limits, per the Borrower's eligibility.
All Mortgage Loans must meet the conforming loan limits of the loan product.
Mortgage Loans in the Hardship Refinance Program follow Taxable Home Opener Program Limits.
EXHIBIT
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Colorado Housing and Finance Authority
1981 Blake Street - Denver, CO 80202
303.297.7376 or 800.877.2432 x 376
(:\Ildllll". II", .'1\1.
\\ I' 1"1 \ \ \, I \ I I'" 'J: II)
Updated HomeAccess & HomeAccess Plus
Income and Purchase Price Limits
Effective May 15, 2007
County Name Household Income Limit
HomeAccess HomeAccess Home Access &
Plus & HomeAccess
Taxable Plus Purchase
HomeAccess* Price Limits
Boulder $33,000 $49,500 $412,600
Denver Metro (Adams, Arapahoe,
Broomfield, Clear Creek, Denver,
Douglas, Elbert, Gilpin, Jefferson,
Park) $28,500 $42 800 $365 100
Eagle $32,400 $48,600 $417,000
EI Paso $26,400 $39,600 $292,500
Garfield $26,400 $39,600 $253,800
Grand $26,400 $39,600 $264,300
La Plata $26,400 $39,600 $273,300
Lake $26,400 $39,600 $417,000
Larimer $27,400 $41,100 $281,200
Pitkin $35,700 $53,500 $343,700
Routt $29,400 $44,100 $358,200
San Miguel $28,600 $43,000 $417,000
Summit $31,500 $47,200 $388,100
Teller $27,200 $40,800 $292,500
Weld $26,400 $39,600 $325,100
All Other Areas of the State $26,400 $39,600 $237,000
* The Taxable HomeAccess Program does not have any Purchase Price Limits.
All Mortgage Loans must meet the conforming loan limits of the loan product.
EXHIBIT
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