Boulder City Council unanimously approved plans to ask voters to approve a $10 million program to provide down payment assistance for those looking to buy a home in Boulder.
People who earn up to 120% of the area median income could qualify. Much of what's driving this is an effort to reduce the massive amount of commuters into Boulder each morning. The number of commuters into town is running at over 60,000 per day.
Homes purchased with this down payment assistance would become part of a program that limits the appreciation allowed per year, similar to the City of Boulder's Permanently Affordable Housing Program.
The loans obtained via this program would be due to be paid back in 10 years, or when the home is sold, whichever is sooner.
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