Archive for Saturday, May 6, 2006

Achieving the American dream

Affordable housing program helps Hayden woman reach goals

Advertisement

Aurora Gonzales has lived in Hayden for 25 years, but owning a home always has been out of reach.

Gonzales, 69, has relied on public assistance for the past five years to help pay the rent for her two-bedroom townhome on the southeast side of Hayden. Now, the Vista Verde Townhome is hers, and her Section 8 voucher is being put toward building equity in her new home.

"I couldn't believe it," Gonzales said. "I had to kiss that contract and give it back."

The deal was finalized last month.

"It's a wide range of emotions," Gonzales said. "It's fear, joy, happiness and uncertainty. Every range of emotion comes out because it is a fulfillment of maybe the American dream, even for someone my age."

The 20 Vista Verde Town--homes have been owned and managed as rental units for the past eight years by the Colorado Rural Housing Development Corporation. The nonprofit organization provides affordable housing for low to moderate-income families throughout Colorado.

"We made a promise to the city that we would make these homeownership units," said Judi Patrick, the corporation's associate director.

Patrick was in Hayden two weeks ago to finalize the deal with Gonzales, who is the first person to buy one of the townhomes.

"As soon as we came down, it struck her, and she was crying, and she was saying, 'I never thought I would get to own anything,'" Patrick said. "She was like, 'Can I paint this bedroom what color I want?'"

Gonzales' mortgage payment will be similar to what she was paying in rent for the townhome -- about $525 a month. She was required to pay only a third of her income each month -- about $130 -- and the voucher covered the rest. The voucher will cover most of her mortgage payment. She will contribute about $150 each month.

A federal assistance program is taking care of the down payment and closing costs, assuming she owns the unit for at least seven years.

Of the 20 townhomes being sold, four are reserved for families with an income of 50 of the average median income or less. There are 10 units reserved for families with an AMI of 80 percent or below, and six are being sold at market prices.

The market price of a three-bedroom 1,280-square-foot unit with a large two-car heated garage is $160,000. The two-bedroom 1,080-square-foot units are being sold for $145,000. Even at market rates, the homes provide an affordable option, said Keri Romine, Hayden CRHDC community coordinator. The units are perched on a hill above town and offer views in every direction.

Gonzales now owns her townhome, but she is moving temporarily for about a month so her unit can be renovated. All 20 units are being fitted with new carpet, paint, appliances, flooring, kitchen cabinets, furnaces and water heaters.

Gonzales already is thinking of additional upgrades she wants to make to her new home, and she said she is thankful for the assistance programs. Three other people who have been renting in the complex are in the process of qualifying to buy their homes.

"At my age, and at this time in my life, this would have been an impossibility," Gonzales said.

The Vista Verde Townhome office can be contacted at 276-3801.

Comments

Use the comment form below to begin a discussion about this content.

Post a comment (Requires free registration)

Posting comments requires a free account and verification.

Return to top of page