Congratulations on your first steps towards finding your new Permanently Affordable Housing at Velo Condos! If you have not been qualified in the City of Boulder’s Affordable Homeownership Program, you will need to get certified in order to participate to purchase a home in the program.
Follow the Checklist Below To Get Certified
- Watch the free Orientation Video Online or attend an In-class Orientation. The orientation explains buyer’s eligibility requirements, 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.
- Submit the Common Application & Required Documentation.
- 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 on-line or in-person.
- City of Boulder Homeownership page
- Homebuyer’s Guide in English
- Homebuyer’s Guide in Spanish
- Down Payment Assistance Programs List & Guide
- Eligibility Status Calculator
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 your 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 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.
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.
Please feel free to contact Megan James if you have any questions or would like help navigating the process!