Summary
The Local Change Foundation received a nearly $1 million grant to help qualifying Colorado homebuyers afford their down payments.
The Local Change Foundation has received a grant of nearly $1 million from the FHLBank Topeka – Affordable Housing Program to help Colorado residents achieve home ownership. In collaboration with Elevations Credit Union, the Local Change Down Payment Assistance program will give an estimated 95 first-time homebuyers in Boulder County and surrounding communities in Colorado a grant of $10,000 per household for their down payments. The program has an estimated launch date of mid-2025.
To qualify, homebuyers will need to earn 80% or less than the area median income (AMI) and get their mortgage through Elevations. Almost half of the funds will go towards qualifying residents earning below 60% AMI. Aside from affording the down payment, selected homebuyers should be financially prepared for affording their mortgage.
“With these funds, we can make homeownership a reality for so many people who can’t afford it today and uplift communities in Boulder and beyond,” said Jennifer Hinderliter, executive director for the foundation. “Stable housing can create a positive ripple effect for health, education success and economic strength.”
This support for down payments comes at a time when housing affordability is on many Coloradans’ minds. The median home price in Boulder County is $750,000, a 50% increase since 2013 according to the City of Boulder’s 2020-2024 Consolidated Plan for Housing and Community Development. According to the Common Sense Institute of Colorado’s Denver Housing Affordability Report, Denver homes are also 170% more expensive than in 2012.
Elevations seeks to empower its membership to responsibly achieve homeownership, among other financial milestones. The credit union also offers free financial education seminars and webinars, advice from certified credit union financial counselors (CCUFCs) in branches and free access for members to the gamified financial wellness app, Zogo.
Along with mental health and education, affordable housing is one of the pillars guiding Local Change’s work in the community. Each year, the foundation also contributes over $150,000 in grants to local nonprofits and scholarships to deserving students.
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About the Local Change Foundation
The Local Change Foundation, formerly known as Elevations Foundation, was founded in 2010 as a separate 501(c)3 nonprofit organization that brings people and resources together to strengthen our community. The foundation provides life-changing scholarships for local students and impactful grants for nonprofit organizations working in mental health and affordable housing. Local Change also acts decisively in times of disaster or need to help raise and distribute funds to those most closely affected. The foundation has raised and donated over $4 million in scholarships, grants and aid. For more information visit www.elevationscu.com/foundation.
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