Rental Assistance: Security Deposit No-Interest Loans

Rental Assistance: Security Deposit No-Interest Loans is sponsored by Telluride Foundation. No-interest loans designed for renters who need assistance covering the upfront cost of moving into a new rental home.

Rental Loan | Telluride Foundation LOAN GUIDELINES & APPLICATION The Telluride Foundation’s Housing Opportunity Fund (HOF) offers 0% interest loans to assist with the cost of the Security Deposit on a new rental.

Rental Assistance Loans (RAL) may only be awarded to Qualified Workers (see guidelines below) who are signing a lease on an apartment in the Telluride Foundation’s Service Area identified as San Miguel and Ouray counties, and the towns of Nucla, Naturita and Rico. If awarded, the RAL (maximum $2,500) is paid directly to your Landlord to help cover the cost of your Security Deposit.

If the required security deposit exceeds $2,500, you are responsible for paying the remaining balance directly to your Landlord before taking possession of your rental.

Although financial information for all members of your household is required to determine qualification, only one person (or legally married couple) is allowed to apply, and that one person (or married couple) assumes all responsibility for repayment of the RAL regardless of how many individuals may be legal signers on your lease and/or part of your household.

You as the Applicant are ultimately responsible for all rents owed and any damages you or anyone living with you cause to your rental. When you vacate your rental, if 100% of the RAL you received is returned to the Telluride Foundation, your obligation is completely released.

If any portion of your security deposit is retained by the Landlord for damages or unpaid rent, the portion of the Security Deposit that you paid directly to the Landlord will be applied first. The portion of the Security Deposit paid for through your RAL will only be used if your security deposit contribution is insufficient to cover deductions the Landlord is holding back.

If your RAL is used to cover any unpaid rents or damages, you will owe that amount back to the Telluride Foundation. You will be required to sign loan documents that verify your promise to pay this loan back regardless of any disputes you may have with your Landlord over the return of your security deposit.

Qualified Workers are defined as individuals that: Have been working full-time (no less than 1,400 hours annually) in the Telluride Foundation’s Service Area for at least the past 12 months – presence required. Do not own any property (residential, commercial, improved or land).

Have not received funding from the Housing Opportunity fund in the past Have a gross household income at or below the following limits (150% Area Median Income). Has household net assets valued at, or below 1x your gross income: Net Assets include money you (and if applicable, co-applicant) have in savings or checking accounts, investments, and any equity in real estate, cars, or other similar assets.

When calculating your net assets, do not include retirement funds (ex. IRA, 401K). If renting a deed restricted home or apartment, you must first qualify for the deed restriction (Town of Telluride, San Miguel County, Town of Mountain Village, town of Rico) and provide documentation of approval with your loan application.

This is your first step. It is only after approval by the appropriate housing authority that you may proceed with your RAL application.

If more than one person is signing the lease, only one person is required to qualify and maintain status as a Qualified Worker, however the income, net asset and property ownership limits of all individuals on the lease will be taken into consideration for purposes of determining the applicant’s collective financial qualification.

For more information on the approval process to lease a home or apartment, please visit the appropriate Housing Authorities website. https://smrha. org/housing-programs/town-of-telluride/ Town of Mountain Village: https://smrha.

org/housing-programs/town-mountain-village/ https://smrha. org/housing-programs/san-miguel-county/ Application Process : If you are unsure that you meet these qualifications, please reach out to us at HOF@telluridefoundation. org .

We are happy to speak with you before you begin your Security Deposit Loan application. We recommend that you begin the application process immediately after you have identified the home or apartment you wish to rent. We require a copy of your lease to complete your application.

All applications and documents remain confidential and will only be reviewed by the Telluride Foundation’s Granting Committee and can be uploaded along with your completed application. If renting a deed restricted home or apartment, proof of qualification from the appropriate Housing Authority (ex.

SMRHA, Town of Mountain Village) for applicant and co-applicant Proof of employment stating length of employment and salary Copy of your last two pay stubs from your employer (for applicant and co applicant) Page one of your most recently filed tax return (for applicant and co applicant) Supplemental information or personal letter (not required) Once we receive your application, we will get back to you within one week to let you know if your application has been received and is complete.

It takes approximately 2 weeks for a determination to be made on your application. If approved, you will be required to sign a loan agreement. Requirements and guidelines for applying for and receiving funds from the Foundation’s HOF may change periodically based on community demand and funds available.

Telluride Foundation’s website may not reflect recent changes in the program’s guidelines or qualification criteria. Qualification does not guarantee funding. Grant Application for Renters " * " indicates required fields This field is hidden when viewing the form Next Steps: Sync an Email Add-On To get the most out of your form, we suggest that you sync this form with an email add-on.

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If you need help calculating your Net Assets, please refer to the Guidelines. Do you own any other real estate? * Owning property in the SA disqualifies you for HOF support, please contact us at hof@telluridefoundation.

org if you have any questions about this requirement. Will a co-applicant be applying?

* Alabama Alaska American Samoa Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Northern Mariana Islands Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah U.S. Virgin Islands Vermont Virginia Washington West Virginia Wisconsin Wyoming Armed Forces Americas Armed Forces Europe Armed Forces Pacific Months of full time residence in region * Co-Applicant Employment Info Months of full time employment in region * Occupation or job description * Net assets * Use this section to list your assets and their value.

Rental property address * Alabama Alaska American Samoa Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Northern Mariana Islands Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah U.S. Virgin Islands Vermont Virginia Washington West Virginia Wisconsin Wyoming Armed Forces Americas Armed Forces Europe Armed Forces Pacific Amount requested ($) * Max $2500 Use of funds * Security Deposit Only Tell us about yourself * Who you are and your involvement in our community.

Include anything you think we should know about you when we consider your application. Personal statement * Please provide a detailed explanation supporting your need for a Housing Opportunity Fund Rental Assistance Grant.

Please provide the names and phone numbers of at least three local references: Are you receiving any financial assistance from a family member or others to help you with the costs associated with leasing this home or apartment? * If you answered "Yes" to the above question, please explain what assistance you are receiving.

* I certify by typing my name in this form field that this information is accurate and true to the best of my knowledge. All documents uploaded will be placed in a secure/encrypted DropBox. Proof of employment stating length of employment and salary (for applicant and co-applicant) * If renting a Deed Restricted Home or apartment, proof of qualification from the appropriate Housing Authority (ex.

SMRHA, Town of Mountain Village) for applicant and co-applicant Copy of your last two paystubs from you employer (applicant and co-applicant) * Page one of your most recent filed tax return (applicant and co-applicant) * Supplemental information or personal letter (not required) Prove you're a human. What is 5 + 3?