Feb 04, 2019
Last week, a special down payment assistance program, metroDPA, launched to offer low- and moderate-income individuals and families the chance of home ownership. As a partnership with the Metro Mayors Caucus, metroDPA provides residents in 28 area cities, including Denver, with a zero-interest, forgivable, second mortgage to be used toward down payment assistance.
“Coming up with a down payment often limits people from purchasing a home. This is a phenomenal tool to put homeownership within reach and help make Denver’s housing market more accessible, inclusive and affordable for our residents,” Mayor Michael B. Hancock said. “metroDPA will reduce barriers to homeownership for families and residents throughout Denver and the region and make owning a home a reality for more families in more cities.”
metroDPA works with over 80 lenders to connect with aspiring home owners. The program provides up to five percent assistance on down payment and closing costs for 30-year fixed rate mortgages. The second loan is completely forgiven for homebuyers who make payments on their first mortgage and hold the loan for three years. metroDPA is designed to help stabilize neighborhoods, families and communities that need it most. The down payment assistance program is available to those with incomes less than $134,850 and who qualify for a mortgage. Additional $1,500 and $2,500 cash subsidies are available for households under the 80 percent and 50 percent area median income.
The program is a reflection of the city’s long-term vision for affordability. In 2018, Mayor Hancock doubled the city’s affordable housing fund to $30 million per year to help fund 6,000 affordable homes and programs for 31,000 families over the next five years.
Learn more about metroDPA on the program website.