GRAND JUNCTION, Colo. (KKCO) – A new program, beginning June 10th, is aimed towards helping low income residents across Grand Junction with purchasing a house. Housing Resources of Western Colorado created the down payment assistance program with help from local non profit, Western Colorado Community Foundation. The city of Grand Junction also shelled out a $1 million grant from their American Rescue Plan Act (ARPA).
The executive director for housing resources, Emilee Powell says the homeownership rate for Grand Junction falls between 60-65%, but year by year that number decreases. For instance, Emilee says in order to buy a home in the city right now the median income needed would sit around $100 thousand a year. In 2019, that number was around $50 thousand.
“It’s been a huge jump and that’s why we felt that was so important to launch a program like this to help people close that gap,” said Powell.
Thus, the Home Purchase Assistance Program is born.
The program offers specialized loans, lowering the cost of a down payment and monthly payments. Housing resources offers a counseling education team that are certified to help home buyers walk the path to homeownership. Counselors will provide coaching for free to those that reach out. They can also help those to work on their credit and pay down debt.
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