A Denver social equity homeownership program is expanding investment and eligibility criteria to allow more Denver households to qualify for down payment assistance totaling either $15,000 or $25,000.
Denver’s Department of Housing Stability (HOST) launched the metroDPA Social Equity program in 2022, providing down payment assistance with the aim of increasing homeownership in communities of color that were historically targeted by discriminatory practices like redlining. The program is expanding with a $10M infusion of American Rescue Plan Act (ARPA) funds after more than 12,000 Denver residents identified housing as a top priority for use of the city’s $308 million in Local Relief Funds. As part of the infusion, program eligibility is also expanding effective on June 1 to include residents impacted by place-based disparities in educational access.
“We’re working to right the harmful, historical wrongs that have been a barrier to far too many for far too long,” Mayor Michael B. Hancock said. “It’s simply unacceptable that some residents, based on the location where they or their ancestors resided, face significantly greater hurdles to homeownership. We’re leveling the playing field for these wealth-building opportunities among all of our communities in Denver.”
The metroDPA Social Equity program is offered to residents and direct descendants of individuals who lived in a Denver neighborhood that was redlined between 1938 and 2000. The program is now also offered to residents who, between 2010 and 2022, lived in a Denver neighborhood where more than 50% of the adults age 25 and older have less than a bachelor’s degree. Together, these criteria aim to address historic inequities in homeownership for Black, Indigenous and People of Color (BIPOC) households. Applicants must qualify for a 30-year, fixed-rate home loan, earn less than $188,250 per year and must have a credit score above 640.
The Social Equity program offers homeowners $15,000 or $25,000 based upon their income level and approval by HOST. The assistance is interest-free and does not require repayment. Homeowners may use the funds for a down payment or closing costs to purchase a home anywhere in Front Range areas approved through the metroDPA program.
Since inception just over a year ago, the metroDPA Social Equity program has provided down payment assistance to 74 residents, including 34 who purchased a home in Denver. A total of $1,660,000 has been deployed to fund these purchases.
The program supports HOST’s Five-Year Strategic Plan goal of increasing homeownership among BIPOC households in Denver from 41% to 45% by 2026. HOST is strongly committed to equity and utilizing data and programs to inform the department’s work so that race is no longer a predictor of housing outcomes.
For more information, visit Denvergov.org/metroDPA.
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