Employee housing assistance at FLC

Fort Lewis College recognizes the challenges of finding affordable and reliable housing in Southwest Colorado. As of February 1, 2023, two opportunities are available to assist faculty and staff in their homeownership goals.

More programs are in progress and will be published here when available.

Employee Mortgage Assistance Program

The FLC Board of Trustees and FLC Foundation Board each committed to providing a $500,000 investment in a mortgage down payment assistance program for a total commitment of $1,000,000.

The FLC Employee Mortgage Assistance Program (EMAP) will make these funds available to qualifying faculty and staff. EMAP's purpose is to support employees striving for homeownership in Southwest Colorado but who cannot fund the “gap” between the available housing cost and what is considered an attainable home cost. EMAP will be managed through our administration partner, the HomesFund.

EMAP basic steps
  1. Interested in EMAP?
    Review the program parameters to get a feel for if your household will qualify.
  2. Attend the required Homebuyer Education Course
    To access the FLC EMAP or any other mortgage assistance programs offered by the HomesFund, you must complete this course. Find the schedule and register.
  3. Complete Homebuyer Counseling with a HomesFund Advisor
    Complete the HomesFund program application and prepare associated paperwork. Upon review, HomesFund will contact you to schedule an appointment.
  4. Shop for your new home
    The shopping and first mortgage (primary home loan) processes occur as they would without assistance, however, to utilize program funds the selected property must fit within the program parameters.
  5. Secure mortgages
    Once your offer on a home has been accepted, you will secure your first mortgage through your primary lender as well as your mortgage assitance loan from the HomesFund.
  6. Close and move-in
    You did it! Congratulations on your new home!
EMAP program parameters

Your eligibility will be reviewed with the HomesFund to confirm employee qualification:

Funder Fort Lewis College
Program FLC Employee Mortgage Assistance Program
Property Location 5 County Region of SW Colorado (Archuleta, Dolores, La Plata, Montezuma, and San Juan counties)
Term 30 years
Structure Shared Appreciation or Low-Interest Amortizing
Borrowers Applicants must be currently employed by FLC in a full-time (32hr/week), permanent position and have been employed by FLC for at least one year
Household Size ALL people currently (or projected to be) residing in the home as a primary residence must be considered household members.
Household Income Income that is currently being received or is anticipated to be received by ALL members of the household over the age of 18 shall be considered, EVEN IF THOSE ADULTS ARE NOT ON THE PRIMARY MORTGAGE LOAN.
Maximum Income At or below 150% AMI
Minimum Income Borrowers under 50% AMI must have strong compensating factors and additional counseling.
Other Real Estate Owned Borrower may not own other residential property in La Plata, Archuleta, San Juan, Dolores, or Montezuma Counties; or San Juan NM at the time of application. Borrower may not own other residential property elsewhere at the time of closing, however, concurrent closings of departure homes outside of these six counties are allowed.
Homebuyer Education and Housing Counseling Homebuyer Education must be taken within the 24 months prior to closing on the purchase of a home. Housing Counseling also required prior to closing on the purchase of a home.
Loan Amount Maximum FLC loan of 17% of the purchase price, up to $70,000. May be blended with other loan programs. The amount of the combined HF loans may NOT exceed the amount of the first-mortgage loan nor $125,000.
Use of Funds Down payment only. Funds cannot be used for closing costs or prepaids. Purchase of primary residence ONLY.
Minimum Investment Borrower must invest the greater of 1% of Purchase Price or $1,000 into the home. The investment must be PERSONAL funds (no gifts, no grants). Funds paid towards inspections, appraisals, and other investments into the home may be used to meet 1% requirement.
Post-Closing Liquidity / Maximum Assets Borrowers must be able to document post-closing liquidity of personal funds equaling the greater of one month of housing expenses or $1,000 of personal funds. Post-closing liquid assets may not exceed $40,000. Post-closing retirement assets, excluding 401(a) / accounts in-lieu of social security, may not exceed $140,000.
Compatible Mortgages First-mortgage loans must be a fixed rate loan or adjustable-rate mortgage (ARM) with a fixed interest rate for a minimum of ten years. No balloon maturities, negative amortizations, or subprime mortgages are permitted.
Credit Score All Mortgage Assistance borrowers must meet one of the following criteria: a) Mid Credit Score of 680 or higher; b) 3% down payment. If using this option to compensate for credit score, borrower personal contribution is increased to 2%, 1% can be gift. The gift must be in the form of certified funds brought to closing. c) 2 months housing payment in post-closing liquidity (readily available cash – no gifts) d) New housing payment is 25% less than current rental payments
Background Check Background check may not show any violent felonies or sex offenses.
Budget Borrower must provide HF with a balanced and sustainable budget with demonstrated ability to pay household expenses, existing debts, and new mortgage prior to closing.
La Plata County income limits for 2022

*Based on Average Median Income (AMI)

Household size

1

2

3

4

5
80% AMI $54,950 $62,800 $70,650 $78,450 $84,750
100% AMI $68,700 $78,500 $88,300 $98,100 $106,000
125% AMI $85,875 $98,125 $110,375 $122,625  $132,500
150% AMI $103,050  $117,750  $132,450  $147,150 $159,000


These are high-level reviews of possible individual benefits, loan options, and employee qualifications and will be confirmed by HomesFund through the loan application process.

Funds will be issued on a first-come-first-served basis, determined at the point of loan issuance.

Contact

For questions related to courses, loan process, mortgage details
Lisa Bloomquist
Executive Director of the HomesFund
Email: lisa@homesfund.org
Phone: 970-259-1418 x 5

For questions related to the issuance of the program
Kelsey Deckert
Housing Strategy & Development Manager
Email: ksdeckert@fortlewis.edu

Units for purchase in Animas City Park Overlook Development

Two major hurdles in purchasing a new home in the area are 1) the need for more availability and 2) trying to purchase in a highly competitive market. To help reduce these hurdles, Fort Lewis College is partnering with the Agave Group for its Animas City Park Overloop (ACPO) development.

Six units,  five two-bedroom and one three-bedroom units, in Phase 2 of 2 of the development, have been reserved for FLC staff to purchase and will be held until June 13, 2023, after which, the units will be available on the open market. All units are anticipated to be ready for move-in in the fall of 2023.

The Agave Group will also sell up to three ACPO units at a discount of $10,000 each if occupied as the primary residence of a full-time local worker or long-term resident of the community, defined as having lived here one year or more. Purchasing an ACPO unit will require a deed restriction on the property, which will prioritize the sale of the unit to another local worker. Contact the Agave Group if you're interested in this housing option.

The purchase of these homes will follow a standard home-buying process, and interested employees will be responsible for prequalifying, securing a loan, etc. Agave sells directly to buyers to reduce costs by avoiding realtor fees (buyers may use a realtor at their own expense.) Purchase of these units and use of the light deed restriction will be first-come-first-served.

The ACPO development is located at the intersection of East 2nd Avenue and East 33rd Street in Durango and consists of 22 all-electric townhome units adjacent to the Animas City Park and Multimodal Trail.

There are no qualifications for FLC employees to purchase ACPO units. However, those who qualify for the Employee Mortgage Assistance Program may use the program to buy these units.

Download details of the ACPO layout and finishes (PDF)

ACPO Townhomes Workforce Restricted Deed-Restricted Units overview

The following information on Workforce Housing Units has been provided by the Agave Group:

  • Initial Sales Price reduced by $10,000 off market-rate prices.
  • Prioritize and pursue opportunities for owner-occupied units.
  • When a buyer is identified, a session with HomesFund occurs to go over the stipulations.
  • No Buyer/Owner qualifications other than commitment to have the unit occupied by Qualified Household or Resident. Unit can be a rental.
  • No income requirements on Buyer or occupant.
  • Qualified Resident must meet employment OR residency requirements for a workforce housing unit. A Conditional Qualification Letter may be issued to prospective renter.
  • Qualified Resident must have a full-time job in La Plata County working at least 32 hours per week OR have been a resident of La Plata County for a least one-year immediately prior to occupying the unit.
  • Unit is not required to be owned by Qualified Resident but must be occupied by a Qualified Resident.
  • No appreciation cap on unit re-sale price.
  • Units must be occupied as primary residence by a Qualified Resident.
  • Qualified Household or Resident must be pre-approved by HomesFund.
  • Short-term rentals are prohibited.
  • Deed Restriction is recorded by HomesFund and the City of Durango and runs with the title to each unit to ensure workforce residency.
  • Owner must submit a simple form annually to verify compliance. HomesFund will conduct an annual audit to ensure that all requirements imposed by the deed restriction are being fulfilled.

Contact

To schedule a tour (available in April) or to purchase a unit
Heather Dawson-Snead
The Agave Group
Email: heather@agavedurango.com
Phone: 970-769-2951