Homebuyers in Colorado are greeted with two positive developments for the new year. First, as of November 2025, home prices in the state went down by 4.7% compared to the previous year, with a median price of $600,200. Then there’s the announcement of a new Community Home Investment Program (CHIP), which aims to help eligible Colorado residents finally cross that threshold into homeownership.
Local Change Foundation Down Payment Assistance Program
The Local Change Foundation, with support from Elevations Credit Union, has launched a program designed to help 95 households move from renting to owning, by providing $10,000 toward a down payment, with no repayment required. For many buyers, that amount is the difference between “almost” and “approved.”
To qualify, applicants must meet three basic requirements:
- The home must be purchased in Colorado
- The mortgage must be obtained through Elevations Credit Union
- Household income must be 80% or less of the Area Median Income (AMI)
In addition, applicants must meet two of the following three criteria:
- Household income of 60% AMI or less
- Purchasing a home in Boulder County
- Buying a home with three or more bedrooms
These guidelines prioritize buyers who need help the most, especially families and long-term residents committed to staying in the community.
Action Items for Buyers
If you’re planning on buying a house in Colorado, then this program is for you. Now here are the actions that you need to take.
- Find and work with a reputable agent to review the program’s eligibility and requirements, then begin gathering the necessary application documents.
- With your agent’s guidance, identify and engage an approved lender.
- Look for eligible properties within the state or within Boulder County and confirm with your agent that they meet program guidelines.
- Review your homebuying budget.
- Double-check course requirements and enroll in a homebuyer course if needed.
Remember, the program is only meant for 95 households, and you need to hurry if you want to be part of it.
Making a Difference for Colorado Homebuyers
Organizations like the Local Change Foundation are giving aspiring homeowners in Colorado a chance to own a home that they’ve always wanted. Instead of spending several more years chasing a moving savings target, eligible buyers can act sooner. This allows them to move forward while their life circumstances and job stability still align. For households already close to qualifying, this program doesn’t just help; it unlocks the door.
While helping 95 homebuyers won’t fix Colorado’s housing crisis, advocates say its impact is real to those who will qualify, and ripple effects do matter. This is why CHIPs like it matter.
If this program isn’t the right fit, create a HomebuyerWallet.com account to explore over 1,300 assistance programs designed for buyers like you. There is a CHIP waiting for your situation, and with the right guidance to find and use it, you can turn homeownership from a dream into a reality sooner than you think. CHIPs make buying a home possible faster, so take action today and open the door to your future home.
