COLORADO ASSOCIATION OF REALTORS^®
HOUSING OPPORTUNITY FOUNDATION 
It is the average teacher, fireman, nurse, policeman, retail
clerk who need affordable housing.

How Does CARHOF Work?
When a homebuyer gives earnest money to purchase a house, a REALTOR® deposits it into an interest-bearing account. By law, interest cannot be earned on this money. However, interest can be earned if a foundation exists that uses the money to promote affordable housing in Colorado. The few dollars of interest that accrue on each earnest money deposit while in escrow is pooled together with other interest and generates $300,000 - $500,000 annually. All but 15% (which is used for administrative costs) goes back to the community to help support homeless shelters, down payment assistance programs and other housing-related services. CARHOF has two grant cycles annually – March 1 and August 1 – when housing agencies can apply for funding.

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Who Does CARHOF Help?
CARHOF helps the homeless, victims of domestic violence, first-time homebuyers, families threatened with eviction or losing their homes, victims of a natural disaster and more. Only housing organizations are eligible for funding and they must be based in Colorado with a 501(c)3 status or be a public agency. Individuals should contact their local housing agencies for information about available assistance programs.
 

SMDRA's CARHOF Representative: 
Gary Morton, MB-1st Real Estate Group
Ph:303-794-8900 / Fax: 303-794-0039
garymortonco@aol.com

CARHOF Helps Fund Foreclosure Hotline
CARHOF provided a $30,000 grant its last grant cycle to Colorado's Division of Housing to help launch the nation's first statewide foreclosure hotline in Colorado, which came out on the same day a national study said the state continues to be plagued by the highest foreclosure rate in the country. The hotline, 1-877-601-HOPE, is expected to help at least an estimated 40,000 homeowners in some stage of foreclosure in Colorado by providing about 60 counselors from about 30 different agencies across the country. Some of the counselors are part of the Colorado Housing Counseling Coalition, which is composed of counseling agencies throughout the state including cities such as Aurora, while others are nonprofits. Brothers Redevelopment is managing the program. 

The 3rd Annual SMDRA CARHOF Appreciation Party and Auction
SMDRA's 2004 CARHOF Auction
Party raises more than $15,000 for affordable housing.
  
More CARHOF Auction Photos and related story >

2nd Annual CARHOF Auction
Bruce Wolf & Auctioneer Jake Jabs 
start the bidding.  More photos>

CARHOF Relishes Role of Affordable Housing Advocates
The Colorado Association of REALTORS® Housing Opportunity Foundation (CARHOF) Board of Directors relishes its role as affordable housing advocates for Colorado residents and communities.  As evidence, during the nonprofit foundation’s first grant cycle for 2006, the CARHOF Board of Directors recently approved $150,000 in grant requests that will be distributed to local non-profit affordable housing entities.  The implementation and importance of CARHOF continues to transcend across Colorado.

“CARHOF is a necessary staple for housing in Colorado communities and nonprofit housing organizations,” said Larry Carr, CARHOF President. “We are proud that we have been able to sustain being a major catalyst in helping Colorado residents with their housing needs for many years,” he continued.

CARHOF’s generosity is not limited to local communities only. The Board also approved $79,000 of state funding to three organizations:  the Colorado Division of Housing will receive $30,000 to help fund a new Foreclosure Prevention Call Center with a widely-publicized 1-800-number and marketing campaign.  This call center will be a “One Stop Shop” for households in danger of foreclosure.

Another one is the Colorado Housing Assistance Corporation who will receive $35,000 for their statewide down payment assistance program, which provides low interest loans with payments of approximately $50 per month to first-time home buyers with 80% average median income (AMI) or below.  

CARHOF’s third state grant recipient, the Colorado Housing Enterprise, will be receiving $14,000 for their statewide revolving loan fund/down payment assistance program that will help first-time home buyers with 80% AMI or below.

CARHOF continues to play a major role in aiding Colorado residents with their housing needs. Its contribution to Colorado communities is second to none in providing hope, stability and a second chance to those in need of safe and affordable housing in Colorado. It is a role they relish.

South Metro Denver REALTOR® Association
 7899 South Lincoln Court
 Littleton, Colorado  80122
 Phone: 303-797-3700
 Fax: 303-797-0109