The City of Greeley is partnering with several of the City’s biggest employers to contribute up to $6,000 toward a down payment (or closing costs) for people who buy homes in the University District or the Redevelopment District as part of a program called Home Purchase Plan for Employees (HPPE). Employees at the University of Northern Colorado, Banner Health, the Greeley-Evans School District 6 and the City of Greeley will be eligible for the program.
The goal is to “strengthen, stabilize, and foster re-investment in the neighborhoods within the University and Redevelopment Districts and increase Greeley residency of the workers represented by that area’s four major employers through a single family home ownership program geared to those employees who purchase homes in these districts.” Assistant City Manager Becky Safarik believes it will enhance neighborhood stability and increase home values.
The City is seeding the program with $150,000 to start. The University of Northern Colorado will be contributing a similar amount. The rules are as follows: Any employee can purchase a home anywhere in either District on a first come/served basis (UNC added funds for their employees who reside in the University District) $2,500 or 2 percent of purchase price (whichever is less) is available. Buyers of homes on or east of 11th Ave. are eligible for $4,000. Homes on or east of 11th are eligible for $6,000.
One HPPE loan is available per household and lifetime. Housing rehab loans (2 percent interest rate) are also available. If the buyer stays in the home for five years, the down payment assistance does not have to be repaid. There are no income qualifications; the owner qualifies as part of the principal loan process.
The Greeley Urban Renewal Authority (GURA) will have oversight although the City is hiring a third party to administer the program. Local lenders and REALTORS who attend the upcoming orientation program (date to be announced) will be given a “preferred” status. Safarik hopes the program will be up and running by March 10.
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