What does permanently affordable housing mean? How do you qualify, and does this mean I can't sell for a profit?

Asked by Poobah, Boulder, CO Mon Feb 18, 2013

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This question was asked from this property: http://www.trulia.com/property/3102858745-2510-Taft-Dr-307-B…

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15
Bob Gordon, Agent, Boulder, CO
Mon Aug 26, 2013
P.A. Housing is designed to allow all segments of the market to own a home in Boulder, regardless of income. There is a process to become certified through the City of Boulder. You can profit, but generally should plan to see a one or two percent gain in good years -- so that over time, the home will not appreciate very much. Learn more on my blog: http://www.boulderrealestatenews.com/home-buying-101/ including a link to the Boulder PA program.
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Kathryn Bran…, Agent, Boulder, CO
Wed Aug 14, 2013
When you buy a house thru the City of Boulder Affordable Housing Program, the house becomes covenant restricted. The house stays in the program " forever" so when you are ready to sell you must sell to another certified buyer. The Affordable Housing Department will issue you a "maximum resale letter" stating the maximum allowable sales amount with all the calculations. The city employees who manage the program are great to work and very responsive. The website has been redesigned and is user friendly at http://www.BoulderAffordableHomes.com. Please call me for free reliable expert advice whether you are looking to buy or sell a house. 720-530-0055
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Ritchy Haynes, , Denver, CO
Tue Aug 13, 2013
If you are speaking of the Boulder County housing program, I am very familiar and it merely means there are income restrictions to qualify. there is also a list in which you need to get in as those properties tend to go very quick. Having closed one last month, I have some recent experience and would love to assist!
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Evie Cohen, Agent, Niwot, CO
Thu Aug 8, 2013
By the way, I have a new very special listing in the Permanently Affordable program for $104,973 on Folsom. One bedroom, ground floor, previous buyer went overboard with "green" and upscale upgrades - bamboo floors, organic carpet, bathroom counter is granite with glass bowl sink, stainless appliances. Has garage and is near bike path and bus. You can qualify if you make under $38,520 or under 43,980 for two occupants. Check: https://bouldercolorado.gov/pages/3380-folsom-street-114
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Ron Rovtar, Agent, Boulder, CO
Thu Aug 8, 2013
Just a quick update for those looking for the latest information. Boulder City has been launching a new website so many old links work no more. The new link for this program is:

https://bouldercolorado.gov/homeownership/homeownership

This page is an overview, but there are a number of links at the top of the page that will help you get the answers you need. Hats off to the designers! This is much better than the previous site.

Best,
Ron Rovtar
Prudential Real Estate of the Rockies
Info@rovtar.com
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Evie Cohen, Agent, Niwot, CO
Thu Jun 27, 2013
I think that your question might have slipped through the cracks. Did you get this question answered -- about the permanently affordable program?

You can certainly sell for a profit, just not a spectacular huge profit. You are allowed minimum of 1% a year and the city calculates it every year -- maximum about 3% per year. It is based on the Annual median Income and the Consumer Price Index.

The house you were looking at back then is now under contract with one of my clients. There are always some great choices in the program. If you need the details and haven't gotten them. please call me at 303-507-7001.
Evie
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Evie Cohen, Agent, Niwot, CO
Fri May 10, 2013
I have a new listing in the Permanently Affordable program. One of the best ever -- especially if you want a yard. Check out 4190 Nevis St. in Boulder, CO. MLS 706933. I hate to use the overused word 'only', but only $158,785. 2 bedrooms, 2.5 baths, central AC, garage, large yard, built in 2000. Must be qualified by the city of Boulder for income, assets and employment. Check their website: http://www.boulderaffordablehomes.com or call me. 303-507-7001. Lottery is June 5, 2013. Have your application in to the city at least 2 weeks before.
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Bob Gordon, Agent, Boulder, CO
Thu Feb 21, 2013
http://www.boulderrealestatenews.com/?p=201 Lots of good information on blog site. Permanently Affordable is a good option for home ownership. Depending upon the length of time you own the property, you are likely to see a gain in value. - Bob
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Brad Pickels, Agent, Boulder, CO
Wed Feb 20, 2013
Poobah-

Thanks for your interest. I think you got all the info you need form the other agents. Please reach
out if you need anything.I have represented about 6 o 8 clients in these transactions and speak at the city's orientations. Give me a call if I can help.

Brad Pickels
720-839-1673
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Evie Cohen, Agent, Niwot, CO
Mon Feb 18, 2013
Poobah,
I've been an expert on Permanently Affordable Homes in both Boulder and Lafayette since 2005. I meant to add my direct number if you would like to discuss the program -- 303-507-7001.
Best regards,
Evie
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Janet Thomps…, Agent, Boulder, CO
Mon Feb 18, 2013
We have bought and sold several homes in the affordable housing program in Boulder. We currently have a buyer under contract to purchase an affordable home in North Boulder, closing next month. To learn more call Kirsty Daviau 303-564-8746 and she can answer all your questions. Thanks
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Evie Cohen, Agent, Niwot, CO
Mon Feb 18, 2013
I have sold quite a few homes in the Permanently Affordable program. It can be a great way to live in a nicer home than you can afford on the regular market. Around year 2000 the city required all builders to build 20% of their new project in an affordable price range if they were to be granted a building permit. So most of the Affordable homes are newer homes (mostly townhouses or condos).

The buyer has to qualify by income and other items -- for instance they must be employed for a minimum of 30 hours per week. It is NOT for undergraduate students, but grad students have enjoyed these homes because they ARE employed as assistants usually. You CAN sell for a profit, but the maximum amount is determined by the city. The good news is that they allow you to sell for a minimum appreciation of 1% per year. Over the last few years, the approximately 2 or 3% was better than some other homes got.

I would be happy to go into more detail with you, and could refer you to some of my happy homeowners (and former affordable program homeowners who established their good record of payments in this program and then sold and moved to a market rate home).
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Tom Kalinski, Agent, Boulder, CO
Mon Feb 18, 2013
Permanently affordable housing in our area refers to various Boulder Division of Housing programs that are designed to offer opportunities for homeownership to those with low and moderate incomes – from down payment assistance on market rate homes to homes that must be sold at affordable prices. This property appears to fall under the Homeworks program. Homeworks homes are sold at below market-rate prices affordable to low and moderate income buyers. There are also higher priced middle income homes for buyers with higher incomes. The buyer's income cannot exceed the maximum income allowed for each available home. For more information, visit http://www.boulderaffordablehomes.com

I would be happy to answer any follow-up questions you may have.
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Pam Oden, Agent, Lafayette, CO
Mon Feb 18, 2013
http://www.bouldercolorado.gov/index.php?option=com_content&…

here is all the info you need. if the property was worth x dollars and as a permanently affordable unit you bought it for 56% of the market value...you can sell it for only a 56% of market value price when it comes time. Profit yes. But you cannot buy through the program and sell out of it. Hope this helps.
Pam
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Osman Parvez, Agent, Boulder, CO
Mon Feb 18, 2013
In order to purchase the property, you have to qualify with the City of Boulder Affordable Housing Program. In addition to meeting income/asset qualifications, you need to take their classes.

http://www.bouldercolorado.gov/index.php?option=com_content&…

Once you purchase the home, appreciation rates are capped (permanently affordable) and you can't turn it into an income/rental property.
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