Durango Real Estate Update

A look at the real estate market of a beautiful mountain town

Tuesday, March 10, 2009

So You Need Some Money For A Downpayment?

I know that a lot of times the monthly payment in buying a house is the easy part. The hard part is the downpayment.

Well, I have a solution for some of you--- the Regional Housing Authority in La Plata County.About the RHA...The RHA was created in 2004 to help families in La Plata County live in their community. We work with the local governments to create resources that will fill the gap between what families can afford and the price of houses on the market. The RHA is a multi-jurisdictional housing authority which leverages local dollars to increase available resources for housing in La Plata County. The RHA has been enabled by state statute to operate as a separate governmental entity in the State of Colorado. The RHA’s target market is people living within La Plata County that earn less than 125% of Area Median Income ($78,000 for a family of four). The agency’s programs aim to increase resources for housing by filling the gap between what a family can afford and what product is on the market.All RHA programs depend on successful partnerships with area organizations. Non-profit partnerships include: Housing Solutions for the Southwest, Habitat for Humanity, SW Center for Independence, Community Development Corporation, Colorado Housing Inc., Volunteers of America, and Mercy Housing among others. For-profit partners include builders, architects, developers, lenders, employers and real estate brokers among others.The RHA’s funding entities are: La Plata County, City of Durango, Town of Ignacio and Town of Bayfield whose partnership is formalized in an Intergovernmental Agreement. These entities agreed to collaborate, share resources, and develop a comprehensive action plan for housing projects and programs throughout the County. They also govern the RHA through a Board of Directors whose members are appointed by each entity.

RHA’s Action Plan
1. Fair Share ProgramsThe RHA works with local governments to require development to include a percentage of resources for affordable housing.
2. Homes FundThe RHA capitalizes an investment fund to provide mortgage assistance to families and acquire land for affordable development.
3. Land DevelopmentThrough public-private partnerships the RHA acquires land to develop affordable/attainable housing.
4. Homebuyer AssistanceThe Homebuyer Assistance Program prepares homebuyers through a 9-hour homeownership classes, one-on-one counseling and mortgage assistance.
5. Policy and EducationThe RHA assists with policy development, public education and market analysis to encourage affordable housing in La Plata County.

If you would like more information checkout their website at www.rhalpc.com

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