How to Apply for Permanently Affordable Homes at Velo Condos

How to Apply for Permanently Affordable Homes at Velo Condos

Here’s how to apply for the permanently affordable homes at Velo Condos. 

  • Marketing Period Start Date:  The City will be listing the units on their website on Friday, July 10th for a 40-day marketing period.
  • Residences to Be Released:  The residences will consist of six 1-bedroom condos as follows:
  • If You are Interested in Proceeding:  Please contact Megan James at 8030Realty at 630.363.9779. We want to be sure everyone has enough time to assemble the required documentation and apply to the City.

TO SUBMIT AN OFFER AND BE ENTERED INTO THE LOTTERY

Applicants need to be certified for the program before making an offer.  Applicants who are not yet certified must submit their completed application by Tuesday, August 11th. Please check the city website for the exact date.

HOW TO GET CERTIFIED

  1. Watch the free Orientation Video Online. The orientation explains the buyer’s eligibility requirements, the application process, rights & responsibilities.
  2. Take the Orientation Test and include a completed signed & dated copy when you submit your Common Application (see link below).
  3. Contact a Mortgage Lender to obtain a Pre-Approval Letter & copy of your Loan Application. The City requires a Pre-Approval Letter & copy of your completed Loan Application from a mortgage lender to be submitted with your Common Application below. Our preferred mortgage lender is Amanda Sessa from SWBC Mortgage.
  4. Submit the Common Application & Required Documentation.
    1. Online Application & Registration
    2. Printable Application
    3. Checklist for Required Documents
  5. Take the Required CHFA (Colorado Housing & Finance Authority) Homebuyer Education Class.  The Homebuyer Education class must be completed by buyers prior to going under contract on a home. Take the class online for free right now due to COVID-19.

IMPORTANT LINKS:

TO SUBMIT AN OFFER

  1. Selection Process Entry Form needs to be submitted to the City to be entered into the lottery for each unit no later than Monday, August 31st, at 5 PM.
  2. Selection (Lottery) Date will be Tuesday, September 1st. On the selection date, Buyers, or Buyers Agents, will be contacted to know the position they placed in the lottery.
  3. How the Lottery Works. The first applicant selected through the lottery person on the list will have their first choice of units,  2nd applicant selected, 2nd choice and this pattern continues until all six of the units are under contract. The timing of the process varies as the seller must allow the highest-ranked applicant in the selection process at least 24 hours to submit a purchase contract. The seller may elect to wait longer than 24 hours for a contract, but is not obligated to do so. Alternatively, after 24 hours without an offer, the seller may move to the next highest-ranked applicant in the selection process.  The seller can only reject an offer and move on to the next buyer if:  
    1. The offer is lower than the maximum resale price.
    2. The buyer currently owns a home, even if it is for sale or under contract (buyers in the program cannot own another home at the time of closing). If a seller refuses a contract, then the next highest ranked applicant in the selection process will have 24 hours from when they are notified of their opportunity to present a purchase contract to the seller.  
    3. Applicants submitting a Selection Process Entry Form are not directly contacted if a home goes under contract before they have the opportunity to write an offer. To know if a home is “off-the-market” please check for the phrase “Under Contract” on the web page for the home. This information will be updated after the buyer and seller have reached an agreement, and the home is no longer available. Once a buyer is under contract they are not eligible to submit additional Selection Process Entry Forms or make offers on other homes unless they terminate their current contract. 

IMPORTANT DATES TO REMEMBER TO APPLY FOR PERMANENTLY AFFORDABLE HOMES AT VELO CONDOS

  • Marketing Starting Period:  Friday, July 10th
  • Application Deadline:  Tuesday, August 11th
  • Selection Entry Form Deadline:  Monday, August 31st, 5 PM
  • Selection (Lottery) Date: Tuesday, September 1st
  • *All dates above subject to change per the City.

Please don’t hesitate to contact me with any questions about these permanently affordable homes.
I am here to help you navigate the process!

Megan James, Licensed Real Estate Broker, REALTOR®
Velo Condos Permanently Affordable Sales :: www.VeloCondos.com
Mobile 630.363.9779 :: Megan@8030realty.com :: www.8030realty.com
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Jules Marie

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