• Application
• 2000 Grant Recipients

In December 1990 the Colorado Association of Realtors created the HOUSING OPPORTUNITY FOUNDATION (CARHOF) to provide financial resources to groups and organizations which sponsor or support activities, programs and services which directly or indirectly expand, create or encourage the development of crisis shelters, affordable housing and home ownership opportunities in Colorado for individuals and families with moderate, low and very low incomes.

CARHOF is a nonprofit 501(c)3 foundation organized for the express, exclusive purposes of facilitating and increasing housing opportunities in Colorado by promoting the availability of affordable, adequate, safe and decent housing; supporting education and research of housing issues, problems and opportunities; providing technical assistance to groups seeking to deal with housing issues and needs; and engaging in activities intended to enhance Colorado citizens’ ability to secure housing.

Who May Apply
Only qualified applicants may apply for funding from CARHOF. Qualified applicants include charitable organizations which have received a determination letter from the Internal Revenue Service qualifying the organization under Section 501(c)3 of the Federal Tax Code. In addition, an applicant may be a governmental agency, housing authority or other entity which conducts activities consistent with the purposes of the grant program.
Upon approval of funding, the applicant will be required to sign a Grant Contract in order to ensure that the funds are used in accordance with the approved application.

REGULATORY RESTRICTIONS ON FUNDING

The Board of Directors of CARHOF will screen all applications for funds to ensure compliance with guidelines established by the Internal Revenue Service and the Colorado Real Estate Commission. The enabling regulations by the Colorado Real Estate Commission that led to the creation of CARHOF stipulate that moneys shall be spent on "community-based, affordable housing initiatives". Additionally, any programs that are funded through CARHOF should be in compliance with Internal Revenue Service guidelines for tax-exempt organizations.

The following activities will be considered for funding:  

1. Predevelopment costs for the acquisition, rehabilitation or construction of renter or owner-occupied housing which is committed to the targeted income level of individuals and families (80% or below area medium income).
2. Land acquisition as part of an affordable housing project
3. Costs of new construction, rehabilitation or conversion for affordable housing units.
4. Administrative and operating costs of qualified organizations actively pursuing the provision of affordable housing for moderate, low and very low income individuals and families.
5. Assistance to moderate, low and very low income individuals who are in danger of becoming homeless or otherwise in need of housing.

ALLOCATION OF FUNDS

CARHOF was established primarily to fund local affordable housing programs. Accordingly, the Board of Directors of the Colorado Association of Realtors approved the following guidelines for the allocation of funds collected.

1. Not more than 20% of the funds collected from any member Board or Association of Realtors shall be allocated for programs offering statewide/regional benefit or disaster relief. Consideration of these requests shall be at the discretion of the Board of Directors of CARHOF.
2. Not more than 10% of the funds collected shall be used for the administration of CARHOF.

TIMETABLE FOR APPLICATIONS

MONTHLY The President and/or the Association Executive of each member Board or the Association of Realtors shall be notified of the approximate amount of funds available for disbursement for the current year. The President and/or the Association Executive of each member Board or the Association of Realtors shall be notified of the approximate amount of funds available for disbursement for the current year.

JAN - FEB Beginning of the 1^st funding cycle. All Boards are encouraged to solicit grant requests from their areas. Beginning of the 1^st funding cycle. All Boards are encouraged to solicit grant requests from their areas.

MARCH 1 All grant applications must be at the State Association office for consideration in the 1^st funding cycle. All grant applications must be at the State Association office for consideration in the 1^st funding cycle.

JUNE - JULY Member Boards or Associations shall solicit and review grant applications from qualified organizations operating within their community. The member Boards or Associations are encouraged to pre-screen projects through the CARHOF President or his/her designee in order to determine if the project would fall within the CARHOF regulatory funding restrictions. The member Board or Association may then elect to support or endorse all or any of the grant applications received. Member Boards or Associations shall solicit and review grant applications from qualified organizations operating within their community. The member Boards or Associations are encouraged to pre-screen projects through the CARHOF President or his/her designee in order to determine if the project would fall within the CARHOF regulatory funding restrictions. The member Board or Association may then elect to support or endorse all or any of the grant applications received.

AUGUST 1 Member Boards or Associations shall submit grant applications to the CARHOF Board of Directors. The CARHOF Board will not consider applications for funding which have not been previously endorsed by the member Board or Association of Realtors. All grant applications must be received by CARHOF on or before March 1 for the 1^st grant cycle and August 1 for the 2^nd grant cycle to be considered in the annual funding cycle. Member Boards or Associations shall submit grant applications to the CARHOF Board of Directors. The CARHOF Board will not consider applications for funding which have not been previously endorsed by the member Board or Association of Realtors. All grant applications must be received by CARHOF on or before March 1 for the 1^st grant cycle and August 1 for the 2^nd grant cycle to be considered in the annual funding cycle.

SEPTEMBER 1 The Board of Directors of CARHOF shall notify each applicant and the member Board or Association of Realtors of its decisions. Approved grant applications are funded in September. The decisions shall be reported to the Directors of the Colorado Association of Realtors at their October meeting.