The city of Aurora launched a new real estate down payment assistance program through Colorado Proposition 123, helping city residents achieve homeownership.

Aurora officials announced the program in a news release Tuesday, saying the program will cover between 4% and 10% of the purchase price for qualifying homebuyers. The assistance is a loan, and must be paid back.

The program is through Colorado Proposition 123, which was approved by voters in 2022 to expand statewide housing resources. The city got a $720,000 grant from the Colorado Department of Local Affairs to support it.

It will run through Oct. 31, 2026 or until all of the grant funding is distributed, according to the release.

Homes eligible for assistance through the program have to be in the city of Aurora, and eligible households can earn up to 120% of the area median income.

In Aurora’s three counties, this translates to an annual income of us to $168,120 for a family of four, according to the release.

Down payment assistance is given as a “silent second loan,” the release said, meaning the homebuyer does not have to pay monthly payments. The loan is only repaid when the homeowner sells the property, refinances or pays off the primary mortgage.

“We are proud to launch the Down Payment Assistance Program to make homeownership more achievable for the families and individuals who call Aurora home,” Sarah Pulliam, the city’s housing and community development manager, said. 

Those interested in applying or getting further details are encouraged to reach out to brcarter@auroragov.org or visit the city’s website.