Approved applicants who lived in former redlined areas are eligible for down payment assistance
Mayor Michael Hancock and Chief Housing Officer Britta Fisher today congratulated the first applicants to be approved as eligible for the city’s new metroDPA Social Equity program.
Denver’s Department of Housing Stability (HOST) launched the new housing program April 20. It aims to increase homeownership in communities of color that were historically targeted by discriminatory practices like redlining. The program provides down payment assistance of either $15,000 or $25,000 to qualifying households.
“For far too long, communities of color have been excluded from the American Dream – cut off from the opportunity to invest in a home of their own, to grow wealth through equity, and to hand that wealth down to the next generation,” said Mayor Hancock. “Through the metroDPA Social Equity program, we are taking steps to correct this racial disparity and helping level the playing field for homeownership in neighborhoods throughout 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. Applicants must qualify for a 30-year, fixed-rate home loan, earn less than $150,000 per year and must have a credit score above 640.
Dontrael Starks applied for the new program and was among the first to be approved. Starks wants to move into a larger home, where he’ll have more room to raise his five children.
The Social Equity program offers homeowners $15,000 or $25,000 based upon their income level and approval by HOST. The assistance is an interest-free, three-year forgivable loan. 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. Lean more or apply at Denvergov.org/metroDPA.
