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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 ~ (J/ o~ 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 . \ . C\lIOIl\l'" 11..1-1\', \\1.1"1\\.\' l\llll"':II\ 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 I 4 , . . . .. 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 J~