June 2007 - Interest Notes
In this issue:CMLA member company CHAC receives national award
The Colorado Housing Assistance Corporation (CHAC) was recognized as one of six 2007 HOPE Award winners May 15 at a symposium keynoted by HUD Secretary Alphonso Jackson at the National Building Museum in Washington, D.C. for outstanding contributions to increasing minority homeownership in America in the category of Finance.
CHAC’s loan programs and supportive financial counseling have helped Colorado families turn homeownership dreams into reality. CHAC has helped more than 325 participants fulfill their dreams of homeownership. Potential homeowners served by CHAC typically earn less than 60 percent of the area median income. Under the CHAC program, borrowers are provided 3 percent, fixed-interest, 30-year loans and $19,500 in downpayment assistance that they do not have to pay back unless they sell, refinance, or rent the property.
The HOPE Awards is a national industry awards program that recognizes individuals and organizations that are making outstanding contributions to increase minority homeownership in America. Created in 2001 by a partnership of six real estate organizations, the HOPE Awards are granted very other year. Other award categories include leadership, project of the year, public policy, brokerage, and education.