Daily Real Estate News  |  October 16, 2007  |   REALTORS® Aid Affordable Housing
The Boulder (Colo.) Area REALTOR® Association will provide agent services at a discount as part of the city's affordable housing initiative. The deal will offer lower-income citizens professional assistance when purchasing or selling permanently affordable housing in the city.

A coalition of REALTORS® from the group will offer their professional assistance at a commission rate of no higher than 2.5 percent, and also will donate a good deal of time and services to the city, Boulder officials announced. The volunteer agents will receive instruction to orient them to Boulder's affordable housing initiative.

The new program will do away with a $2,000 administrative charge that Boulder previously levied to enable residents to proceed through the home buying processes. In addition, the arrangement alters the permitted appreciation of permanently affordable houses. The properties now can appreciate between 1 percent and 3.5 percent annually, depending on market and financial conditions.

Boulder was set to introduce the new program on Oct. 12.

Source: Boulder County Business Report (10/09/07)

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