​

There is more than one program in Chaffee County for affordable housing purchasing. Each is managed by a different organization. If you see a home for sale, make sure you look at which organization is selling the home. 

 

CHA is the manager for the City of Salida’s Inclusionary Housing Program (IHP). City of Salida IHP homes are priced for different income levels (up to 140% Area Median Income) and built to accommodate different household sizes (0-3 bedroom). For a City of Salida IHP home, an interested buyer must first submit a Homebuyer Eligibility Application to the CHA who will determine eligibility to purchase a deed-restricted home. The property’s deed will determine the primary qualification requirements for an applicant followed by the Chaffee Housing Authority’s Community Guidelines.

 

Criteria to determine eligibility include the following:

 

1. Gross Household Income

Household income maximums will be determined by the City of Salida’s Area Median Income (AMI) restriction placed on the home when approved by the City of Salida. The City of Salida Inclusionary Housing Ordinance allows for a 19% buffer between the designated AMI level and a maximum income. (For example, if the home’s AMI restriction is 120% AMI, then the maximum eligible income will be a household earning up to 139% of AMI.)

 

Income requirements are based on both (1) gross household income and (2) number of people in the household. To identify your AMI, view the City of Salida Inclusionary Housing income guidelines here. 

​

2. Employment In Chaffee County

The City of Salida Inclusionary Housing Program requires that at least one household member must work in Chaffee County.

• If employed - a minimum of 30 hours per week on an annual basis or have a verifiable job offer from a Chaffee County employer.

• If self-employed, the applicant must provide proof of meeting the minimum hours requirement in Chaffee County demonstrated by documentation such as a professional business license, invoices, local office space lease payments, work log/appointment schedule, local client/customer log, client invoices, etc. 

 

3. Retirees

Having Retired from an Employer Based in Chaffee County. The City of Salida Inclusionary Housing Program requires that for those over age 60 who are no longer working, to be eligible, you must have maintained your sole and primary residence in Chaffee County and have earned 80% or more of your primary income from an employer or business in Chaffee County for the 4 years preceding retirement. 

 

3. Disabled

The CHA Community Guidelines require that, if disabled, a buyer must have maintained a principal place of residence in Chaffee County for a minimum of 4 consecutive years immediately preceding occupancy.

 

4. Assets Must Not Exceed Limits

Net worth (assets minus liabilities) must not exceed three times the home’s Area Median Income (AMI) restriction as defined by Housing & Urban Development (HUD). For example, assets to purchase a home restricted to 140% AMI cannot be more than three times the household maximum income for that AMI range. Retirement accounts may be excluded from asset calculations. Buyers may not own other improved residential property(ies) in Colorado at the time of purchase. 

 

5. Home Must Be Buyer’s Sole and Primary Residence

The buyer must intend to use the home as their sole and primary residence. Annual residency compliance is conducted by the CHA.

 

What If I Do Not Qualify?

Written notification will be sent within three weeks notifying the applicant of why they were not qualified.