Owner-Occupied Rehabilitation Program

The Owner Occupied Program is a rehabilitation loan program for applicants that have owned and occupied their residence for more than 1 year. Interest rates range from 2% to 5%, depending upon household income, with the term of the loan dependent on repayment ability. A special program for the elderly exists, as well, with loans at 1% interest, with payments that will fit their budget.

This program is among Tri-County's most successful and rewarding. It is designed to help individuals repair or update the existing structure of their home, with safety and health being a priority.

TCHCDC has completed over 570 rehabilitation and home ownership projects with a loan portfolio of $5.8 million.

The Owner-Occupied Rehabilitation Program was the original program for Tri-County.

Second-Mortgage Assistance Program

The Second Mortgage Assistance Program is for newly purchased homes. The rehabilitation loan closes simultaneously with the acquisition loan; we then have 90 days to complete the rehab. The first mortgage, or acquisition lender, qualifies the borrowers for the total of both mortgages.

Income qualification, loan terms, and repair criteria are the same as the Owner Occupied Program.

With 87% of homes in the valley being over 40 years old, this program is ideal for families wanting to purchase a home that might be substandard or in need of repair.

The Second Mortgage Assistance Program is patterned after the HUD 203(k) program. It works well with Colorado Housing and Finance Authority and Rural Development guaranteed loans as acquisition funding.

Medicaid Home Modification Program

The Medicaid Home Modification Program includes wheelchair ramps, handicap-accessible features, and other repairs to create a more safe and convenient living environment and accomodate their disability.

Modifications are recommended by Occupational Therapists. Tri-County then coordinates the modification projects, from the bidding all the way through completion.

Mutual Self-Help Housing Program

In conjunction with USDA Rural Development direct 502 loans, TCH provides the construction knowledge and coordination of subcontractors and families to work collectively in building their home. TCH receives a Rural Development 523 Technical Assistance Grant to operate this program. To date, 23 homes have been completed in Otero County. The next builds are planned for La Junta and Avondale.

Mutual Self Help Housing offers families the opportunity to own a NEW home, with payments as low as $400.00 per month. No experience needed! 60% of the homes have been built by single mothers.

It teaches families both construction skills and life-long homeowner skills such as:

• Payment of bills
• Budgeting
• Money management

A key component of this Mutual Self Help is Volunteer Day. Volunteer Days are scheduled throughout the period of construction.

Home Ownership Education Program

Home Ownership Education is given monthly in a group setting. Classes are free and open to the public.

The length of the classes are 4 hrs.

Items covered include:

• Credit issues and credit repair
• Budgeting for success
• How to qualify for a home loan
• Tips on working with lenders and realtors
• Loan documents and real estate contracts

These classes are required by CHFA, Rural Development, and TCHCDC.

Down-Payment/Closing-Cost Assistance Program

Tri-County offers assistance for 50% of closing fees up to $3000.

Interest rates range from 2% to 5%. Payments are deferred for a period of 5 years.

The Down-Payment/Closing-Cost Assistance Program is a benefit to families in need of closing cost funds.

Self-Help Rehab Program

Buy an older home, save money-build equity by doing your own repairs!

Items such as electrical, plumbing and heating will be performed by a licensed contractor, but you can do the balance of the work yourself! We provide an experienced carpenter to coordinate the work items needed and teach you how to do the work. TCHCDC will furnish the tools.

Homes that would be acceptable in this program can be located in a variety of ways. TCHCDC may locate homes through sources, such as realtors and local governments, or families could locate their own home and apply for participation at our office.

In either instance, the home would go through an inspection performed by TCHCDC Construction Staff. Items such as foundation, structure, electrical and plumbing would be a primary concern. An estimate for subcontractor required repairs and materials that the families could install would be made.

TCHCDC will coordinate all subcontractor bids, material orders and payments for all approved costs, which will be disbursed from your loans funds. Construction techniques will be supervised by our experience construction supervisor. Construction will be coordinated by the Construction Supervisor to insure quality workmanship in a timely manner.

The financing for the purchase of your home can be as low as 1% interest, financing for the repairs and material will be provided by Tri-County Housing at an interest rate as low as 2%, based on income.

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