Colorado city council approves $10M debt to aid home buyers
BOULDER, Colo. (AP) — A Colorado city has approved taking up to $10 million in debt to finance a program to assist prospective home buyers.
The Daily Camera reported Tuesday that the Boulder City Council voted unanimously for the city to take out the debt to assist with down payments.
The council’s action Tuesday puts the question on the ballot for voter approval or rejection in November.
Officials say middle-income earners are frequently unable to obtain private sector loans large enough to purchase mid-tier homes in Boulder’s expensive housing market.
The pilot program is aimed at residents making up to 120% of the area median income.
The city would use the line of voter-approved credit to provide additional municipal loans to buyers whose private loans do not cover home purchase prices.
Information from: Daily Camera, http://www.dailycamera.com/