The Coloradan AFFORDABLE HOMES

The 33 Affordable Homes at The Coloradan consist
of 12 one-bedroom and 21 two-bedroom homes.

We believe that cities are for everyone. As such, The Coloradan is proud to offer 33 Affordable Homes for sale. Our simple goal is to allow more individuals and families in downtown Denver to have an opportunity to become part of the exciting and dynamic community forming here. The Coloradan is a place of inclusion and diversity. The buyers of these Affordable Homes must be income-qualified and the Affordable Homes can only be purchased by households that meet the Affordable Housing guidelines set by the Office of Economic Development (OED). These Homes are also subject to a Covenant for the occupancy and resale of the home for a 25 year period following the initial closing.



The Steps to purchase an Affordable Home at The Coloradan are:

  • Step 1.Prequalification – Buyers must meet the City mandated criteria and income requirements and must receive a loan pre-approval letter from a lender.
  • Step 2.Lottery to Establish Selection Priority – Pre-qualified buyers will be entered into a lottery based on their selected home type. As names are drawn, the first 33 buyers will be given the opportunity to schedule a contract appointment to execute a Purchase & Sale Agreement (PSA). For the 34th name and beyond, a waitlist will be created and you will be contacted based on your priority number should a contract fall through. The lottery date is set for June 19, 2018.
  • Step 3.Execute a Purchase and Sale Agreement (PSA) – Once prioritized via the lottery, purchasers will be contacted in numerical order to schedule an appointment to execute a PSA.
  • Step 4.Income Verification With the City – Upon completion of the PSA, purchasers must complete the City of Denver’s OED’s Income Verification and Eligibility form. Note there are strict submission deadlines which are outlined in the Frequently Asked Questions (FAQ) below.
  • Step 5.Homeownership Class – All purchasers are required to enroll for a free Homeowner Counseling Class. A completion certification will be given after the single-class course which also must be submitted to the City as a part of the verification process. For dates and more information on the Homeowner Counseling Class schedule, click here.

To read in further detail about this process and the Affordable Homes, please download and read the FAQ.



Pricing

The U.S. Department of Housing and Urban Development (HUD) sets Area Median Income (AMI) levels for various household sizes, and AMI is then used within a formula established by the City and County of Denver to determine the home prices based on ratios of expected housing costs to income.

Residence Availability
  • TypeResidence Type

  • 1 Bedroom

  • 2 Bedroom

  • AvailableAvailable

  • 12

  • 21

  • Sq FtSquare Feet

  • 725 – 730

  • 746 – 878

  • PricePrice

  • $230,751

  • $285,936

Household income must be between 50% and 95% of Denver's AMI for your household size. Here are the approved income requirements that buyers must meet as part of the pre-qualification:

Household Size
  • % AMI% AMI

  • 50%

  • 95%

  • 1 pers1 Person

  • $31,500

  • $59,850

  • 2 pers2 Person

  • $36,000

  • $68,400

  • 3 pers3 Person

  • $40,500

  • $76,950

  • 4 pers4 Person

  • $44,950

  • $85,405

  • 5 pers5 Person

  • $48,550

  • $92,245

  • 6 pers6 Person

  • $52,150

  • $99,085

helpful FAQ’S & DOWNLOADS

As you read through the documents below, please note these are a supplement to the existing Coloradan FAQ document and HOA & Disclosure documents.

The Coloradan - Affordables
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