Homeowner Frequently Asked Questions

Frequently Asked Questions for Owners of Permanently Affordable Homes

Click here for information on restricted housing units.

How is the maximum appreciation on my home calculated?
How can I claim credit for an improvement to my home?
How do I sell my home?
How long will it take to sell my home?
How much should my home be valued at for purposes of property taxes?
I own a permanently affordable home now, and would like to move. Can I purchase another affordable home?
For how much can I refinance my home?
Can I rent my home?
Can I have a housemate?
How can I save energy in my home?
I’m having trouble meeting my monthly payments. What can I do?
Where can I find out more about my HOA?
I don’t see my question here, or my individual circumstances make it difficult for me to comply with the above policies. Whom should I contact?

How is the maximum appreciation on my home calculated?
Appreciation is calculated by the formula contained in your covenant. Generally, appreciation is limited to the Area Median Income (AMI) or the Consumer Price Index (CPI), whichever is less, and capped at 3.5 percent per year. As with any property sold, the condition of the home and closing terms may result in a selling price below the maximum set by the City.

How can I claim credit for an improvement to my home?
You may make any improvement that you wish, however, only eligible improvements outlined in the  Capital Improvement Policy or your covenant (for older versions of the covenant) will be added to your resale price. Please remember that you should contact the city before making an improvement.

How do I sell my home?
Click here for information on selling your home.

How long will it take to sell my home?
The amount of time it takes to sell your home depends on a number of factors, including the current market for affordable homes and the attractiveness of your unit. Please read our Marketing Tips for ideas on how and where to market your home.

How much should my home be valued at for purposes of property taxes?
The Boulder County Assessor's office recognizes your maximum resale price as the value of your home for tax purposes.  The City Housing Division sends an updated list to the Assessor's office annually.  If your Notice of Valuation from the Assessor is significantly different from your maximum resale price, please contact contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it   or 303-441-3157 x 2.

I own a permanently affordable home now, and would like to move. Can I purchase another affordable home?
If you have lived in your current Permanently Affordable (Homeworks or First Home programs) home for at least two years, you are allowed to buy another Homeworks home once you sell your current home. If you have lived in your current Permanently Affordable home for less than two years, you are not eligible to buy another Permanently Affordable home unless your family size has changed.

For how much can I refinance my home?
You may refinance a mortgage used to purchase your home if the refinance is a straight rate and/or term refinance of the existing principal balance plus one percent (to cover closing and associated costs). If you wish to take cash out of your home, you may not refinance for more than 93 percent of the current resale value (excluding costs to sell) of your home.

The City of Boulder must approve the terms of your loan and sign a subordination agreement before you can refinance your home. For full information see the Mortgage Policy.

Can I rent my home?
Generally, you must live in your home for at least five years before you are eligible to rent your home. You may generally rent for a period or periods of time totaling 12 months out of every seven years you own your home. If you intend to rent your home, call 303-441-4196.

In order to rent your home, you may need a Rental License from the City of Boulder.  However, at the time of this writing, if you rent your own home for a period of 12 months or less, you are exempt from the licensing requirement.

Please be aware that some loans, such as CHFA loans, may restrict your ability to rent your home.  You must also abide by any HOA requirements.

Can I have a housemate?
You may rent out a bedroom or bedrooms in your home as long as you continue to owner-occupy your home.

How can I save energy in my home?
The City of Boulder Department of Environmental Affairs provides information and links on energy conservation. 

Depending on your income, you may be eligible for low-interest loans to improve energy efficiency in your home through the city's home repair programs.

Low-income persons may also be eligible for assistance through the state-administered LEAP program.

I’m having trouble meeting my monthly payments. What can I do?
Click here for information on budget counseling and other assistance provided by the Boulder County Housing Authority.

Where can I find out more about my HOA?
Contact your HOA president or the management company hired by your HOA. Click here for general information on Homeowners’ Associations.

I don’t see my question here, or my individual circumstances make it difficult for me to comply with the above policies. Whom should I contact?
The City of Boulder’s Housing Division staff is available to provide you with the information you need. You can contact 303-441-3157. If you are not an owner of an affordable home, but have general questions about the program or specific questions about income qualification, please call 303-441-3157.

Last Updated on Friday, 20 July 2012 13:58