Brand New Homes for Low-Income Buyers!

I have recently taken two listings with the Adams County Housing Authority!

The Neighborhood Stabilization Program (NSP) is winding down and now Adams County only has two remaining homes available.  They are set aside for low income homebuyers- meaning the annual household income for the buyers for these properties, cannot exceed the limits listed below (based on household size):

Household Size Maximum Annual Income

1 person- $26,400         2 people-  $30,200          3 people- $33,950

4 people- $37,700         5 people- $40,750           6 people-  $43,750

The properties are two sides of a brand new duplex in Commerce City.  The addresses are:  6694 E 72nd Pl and 6698 E 72nd Place. Each property is a two-story home with 3 bedrooms, 2 1/2 baths, open floor plan with pergo floors throughout the main level, fully fenced yard with sprinklers & storage shed.  The floor plans for each are mirror images of each other and they are done in neutral finishes.  Both homes are Energy Star rated so utility bills will be lower than comparably-sized homes.

They are priced and advertised at their appraised value ($162,000).  However, the seller expects to provide assistance to prospective buyers to help make the homes more affordable.  For example- the NSP Assistance amount could be used to buy down loan principal and/or interest rates to make the payment much lower than it would normally be for a home at the $162,000 price point.  The Assistance amount can also cover the Buyer’s closing costs.

Buyer must be an owner occupant.  Also, the buyer is required to have their own minimum down payment for their loan type through some other non-NSP source (personal savings, down-payment assistance program, etc..) and must have at least $1,000 of their own money into the purchase.  In exchange for the assistance, the buyer would sign a Deed of Trust and Promissory Note for the amount of the assistance.  There are no payments on the Note, no interest accrues on the balance, and the balance is forgiven on a prorated basis at 5% forgiven each year of the first 20 years the buyer occupies the home as their primary residence.

Photos of the properties can be found on this website under the tab for each property address (6694 or 6698 E 72nd Pl).

Adams County Housing Authority has further information about the NSP program on their website at www.AdamsCountyHousing.com .  Interested parties can also look up the properties by their MLS numbers on public home search sites (like  http://www.recolorado.com).  MLS numbers for each property are:  #1226695 and #1226765.

Thank you for your help in getting the word out on these properties!  I am sure some lucky buyers out there are going to love these homes!

Please contact me if you have any questions!

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