Permanently Affordable Condos at Velo
*DELAYED INDEFINITELY UNTIL FURTHER NOTICE*
If you were unable to participate in the 1st lottery in 2020, stay tuned! We hope to have another sequence of 8 residences to be released at a later date. Unfortunately, the start date of construction has been delayed indefinitely and the release of the units has not yet been determined due to extenuating circumstances. If you’re interested in future updates please sign up for our notifications as they become available.
In this future sequence, we will have six (6) 2-bedroom and two (2) 1-bedroom residences available. The release date for these units has not yet been determined.
Important: Make sure to get certified with the City’s program as preference is given in the Lottery to those who have been certified for 1-year or longer.
2-Bedrooms / 2-Baths
- Building A: Unit # 116 (Tandem Plan with a large fenced yard, patio & balcony) | $185,200
- Building A: Unit # 118 (Tandem Plan with a large fenced yard, patio & balcony) | $185,200
- Building B: Unit # 121 (Cruiser Plan with balcony) | $185,200
- Building B: Unit # 122 (Tandem Plan with a large fenced yard) | $185,200
- Building B: Unit # 124 (Tandem Plan with a large fenced yard) | $185,200
- Building B: Unit # 126 (Tandem Plan with a large fenced yard) | $185,200
1-Bedroom / 1-Bath
Do I Qualify?
Income Limits (subject to change per the City of Boulder)
1 person | 2 person | 3 person | 4 person | 5 person |
---|---|---|---|---|
$64,160 | $73,310 | $82,465 | $91,620 | $99,020 |
Assets (subject to change per the City of Boulder)
Asset Classification* | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person |
---|---|---|---|---|---|
Standard | $55,000 | $70,000 | $85,000 | $100,000 | $115,000 |
Recently Divorced | $85,000 | $100,000 | $115,000 | $130,000 | $145,000 |
Retired | $85,000 | $100,000 | $115,000 | $130,000 | $145,000 |
Permanently Disabled | $140,000 | $155,000 | $170,000 | $185,000 | $200,000 |
* Your asset classification can be found on your preliminary certification letter. Please contact us for help determining how you have been classified.
Your down payment will be deducted from your total assets up to 20 percent of the home’s value ($30,821– for this home). For example, if a two-person household with standard assets calculated by the program to be $90,000 puts $20,000 down they would be eligible ($90,000-$20,000=$70,000 in assets). If you are classified as retired or permanently disabled all the money you put down will be deducted. Please contact us if unsure you are below the asset limit for this home.
Important Links:
- City of Boulder Homeownership page
- Homebuyer’s Guide in English
- Homebuyer’s Guide in Spanish
- Down Payment Assistance Programs List & Guide
How To Get Certified
If you are still needing certification, please follow the steps below so you are in position for our next lottery selection. Applicants need to be certified for the program before making an offer. If you have not been qualified in the City of Boulder’s Affordable Homeownership Program, you will need to get certified to participate to purchase a home in the program.
- Watch the free Orientation Video Online *OR* Register for a webinar or In-Person version of the same class.Pre-Register for webinar
- To preregister email homeownership@bouldercolorado.gov or call 303-441-3157 Option 2.
- Provide your name, email address, phone number, and the date/time of the class you wish to register for.
- Schedule
The orientation explains the buyer’s eligibility requirements, the application process, rights & responsibilities.
- Take the Orientation Test and include a completed signed & dated copy when you submit your Common Application (see link below).
- Contact a Mortgage Lender to obtain a Pre-Approval Letter & copy of your Loan Application. The City requires a Pre-Approval Letter & copy of your completed Loan Application from a mortgage lender to be submitted with your Common Application below. Our preferred mortgage lender is Amanda Sessa from SWBC Mortgage.
- Application Waitlist
- Watch the free Orientation Video Online *OR* Register for a webinar or In-Person version of the same class.
- Take the Required CHFA (Colorado Housing & Finance Authority) Homebuyer Education Class. The Homebuyer Education class must be completed by buyers prior to going under contract on a home. Take the class online for $99.
How Can I Increase My Chances of Being Selected for a Velo Condo Residence?
The sooner you complete your application, the sooner you’ll know if your are eligible. The sooner you satisfy the Program requirements, the more likely you are to increase your chances of being selected unit. Once the Velo Condos are released on the City’s website, there will be a 30-day open marketing period where prospective buyers can submit a Selection Process Entry Form by completing it online. However, buyers must already be certified with the Program in order to submit this form. Buyers may submit their Program Application at the very beginning of the 30-day open marketing period but a minimum of 3 weeks prior to the end of the 30-day open marketing period. Therefore, we highly encourage you to go through the necessary steps required by the City’s Program as soon as possible.
How Does The Fair Selection Process Work?
If more than one household has submitted on the same unit, then a fair selection process is conducted and households are grouped in the following tiers:
- Worked in the Boulder city limits for a year or more and been certified continuously in the program for a year or more.
- Worked in the Boulder city limits for a year or more.
- Worked in the Boulder city limits for less than a year and been certified continuously in the program for a year or more.
- Worked in the Boulder city limits for less than a year.
- Certified continuously in the program for a year or more.
- All other certified applicants.
People classified as retired or permanently disabled are granted the work in the city of Boulder for a year or more preference.
If there is more than one household in a particular tier, a random drawing will take place among those in the tier. At the end of the selection, everyone who entered will be ordered based on their tier and any random drawing within a tier.
The household in the highest position on the ordered list will have the first opportunity to make an offer on the home. If they pass, the opportunity falls to the next household on the ordered list, and so on.
Some homes may have unique preferences based on home features, such as being more suitable for higher occupancy (more space and/or a yard for households with at least one minor dependent) or accessible (preference given to those with physical disabilities for a home that has specific needed design features). These designations are listed on the City’s web page for each home.
The fair selection process is administered by the Division of Housing. Anyone is welcome to witness the process. The results of the selection process and instructions will be shared with the seller’s agent or the seller if they are not working with an agent. They will use this information to begin the contracting process.
If a home does not go under contract at the end of the 30-day open marketing period and fair selection process, the home is considered to be “Available.” At this point, a program certified buyer could immediately offer a contract, regardless of their preference ranking. Homes with this status will be identified on the website as “Available” and will be categorized based on the number of bedrooms.
How To Submit An Offer On A Future Residence
- A Selection Process Entry Form needs to be submitted to the City to be entered into the lottery for each unit no later than deadine, TBD.
- Selection (Lottery). On the selection date, Buyers, or Buyers Agents, will be contacted to know the position they placed in the lottery.
- How the Lottery Works. The first applicant selected through the lottery person on the list will have their first choice of units, 2nd applicant selected, 2nd choice and this pattern continues until all of the units are under contract. The timing of the process varies as the seller must allow the highest-ranked applicant in the selection process at least 24 hours to submit a purchase contract. The seller may elect to wait longer than 24 hours for a contract but is not obligated to do so. Alternatively, after 24 hours without an offer, the seller may move to the next highest-ranked applicant in the selection process. The seller can only reject an offer and move on to the next buyer if:
- The offer is lower than the maximum resale price.
- The buyer currently owns a home, even if it is for sale or under contract (buyers in the program cannot own another home at the time of closing). If a seller refuses a contract, then the next highest ranked applicant in the selection process will have 24 hours from when they are notified of their opportunity to present a purchase contract to the seller.
- Applicants submitting a Selection Process Entry Form are not directly contacted if a home goes under contract before they have the opportunity to write an offer. To know if a home is “off-the-market” please check for the phrase “Under Contract” on the web page for the home. This information will be updated after the buyer and seller have reached an agreement, and the home is no longer available. Once a buyer is under contract they are not eligible to submit additional Selection Process Entry Forms or make offers on other homes unless they terminate their current contract.
Going Under Contract
The seller must allow the highest-ranked person in the selection process at least 24 hours to submit a purchase contract.
The seller may elect to wait longer than 24 hours for a contract but is not obligated to do so. Alternatively, after 24 hours without an offer, the seller may move to the next highest-ranked household in the selection process.
The seller can only reject an offer and move onto the next buyer if:
- the offer is lower than the maximum resale price
- the buyer currently owns a home, even if it is for sale or under contract (buyers in the program cannot own another home at the time of closing)
If a seller refuses a contract, then the next highest ranked household in the selection process will have 24 hours from when they are notified of their opportunity to present a purchase contract to the seller.
Households submitting a Selection Process Entry Form are not directly contacted if a home goes under contract before they had the opportunity to write an offer. To know if a home is “off-the-market” please check for the phrase “Under Contract” on the web page for the home. This information will be updated after the buyer and seller have reached an agreement, and the home is no longer available. Once a buyer is under contract they are not eligible to submit additional Selection Process Entry Forms or make offers on other homes unless they terminate their current contract.
The Following Residences Have Already Been Sold:
The following residences were released and sold.
- Building C: Unit # 109 (fenced yard), Unit #208 (balcony & no stairs), Unit # 211 (balcony & no stairs)
- Building D: Unit # 205 (balcony & no stairs), Unit # 104 (fenced yard), Unit # 105 (fenced yard)