LOCAL SPOTLIGHT

Homesfund

By Garett Dickinson

If you’ve purchased your own home, or investigated the process, you know that there is a level of complexity to it that can be daunting. For some, simply the thought of where to begin seems overwhelming. Luckily, the nonprofit HomesFund Serving Southwest Colorado is able to provide assistance and education to make the process feel smooth.

HomesFund has been in operation serving the needs of prospective homebuyers in Southwest Colorado since 2008. As a 501(c)3 organization, HomeFund’s mission is to encourage potential homebuyers with financial and educational resources and to support the development of more affordable housing in the region. The group collaborates with developers and the community to create sustainable and economical housing solutions, such as the Lumien apartments, which opened in 2015.

In addition to creating affordable housing, HomesFund offers free classes for first time buyers. This is a perfect place for everyone to start. The 8-hour class will cover the basics of what is needed to prepare for buying a home.

Following this initial class, there are free, one-on-one counseling services available for more specific needs and personal situations to be evaluated. When a new homebuyer is ready to move toward the purchasing phase, HomesFund offers a variety of financial services such as down payment assistance and various mortgage products.

During 2020 and 2021 there were concerns nationwide about housing. General uncertainty and anxiety, plus the fact that many were living off of less income than they were used to, caused shelter became a top issue for many. HomesFund pivoted their processes and continued to offer their invaluable services through the pandemic.

“When there was the initial shutdown, I think people kind of froze,” said Lisa Bloomquist, executive director of HomesFund. To continue their services despite obstacles such as the stay at home order and social distancing requirements HomeFund switched, as many of us did, to utilizing online resources. The Homebuyer Education classes moved online, as did the one-on-one counseling. As of June 2021, the in-person classes have been able to return per federal guidelines, although the classes, as well as the counseling, can still be done online if one prefers.

In the first half of 2020, HomesFund had 87 people participate in their one-on-one counseling, and they had 68 participants in 2021. The organization also approved 22 loans for 16 households in 2020 for a monetary total of $659,105. In 2021, approximately 19 loans went out to 16 households for a total of $624,900.

Although HomeFund was able to restructure and continue their service during the pandemic, there are new challenges ahead. According to Bloomquist, there isn’t a large supply of affordable homes available for purchase. With the value of property rising quickly, and many homes being purchased outright by cash buyers, the organization sees more challenges to address.

“I think that we are going to have to increase the amount of our mortgage assistance programs,” Bloomquist said, regarding the need to finance more expensive home purchases as values rise. “We also have a manufactured and mobile home assistance program.”

This enables first time buyers to receive financial support to purchase manufactured and mobile homes that are not attached to a permanent foundation or land. In Colorado, this means those types of homes are classified as personal property rather than real estate, making it difficult to receive financing. HomesFund hopes to address this and get more people into more homes.

HomesFund, and nonprofits like them, are a vital resource for any community but especially one facing the unique economic challenges of our region. Empowering local residents with the ability to move into homeownership in the community they love is a powerful thing. With each class and loan that HomesFund provides, they are able to diversify and strengthen our community one household at a time.

Those interested in buying a home with a support network by your side can reach out to HomesFund and begin the exciting journey toward owning your very own slice of heaven.