The Colorado Housing and Finance Authority says that an upcoming Internal Revenue Service ruling that will affect certain down payment programs will have no bearing on the CHFA down payment program.
The IRS is issuing a ruling that describes under what circumstances an organization that provides down payment assistance qualifies as a tax exempt charity. Federal regulations limit the sources of down payment assistance for FHA loans, and tax-exempt charities are one qualified provider.
The ruling will likely affect the ability of down payment programs such as Nehemiah to provide down payment assistance, CHFA says.
CHFA says its down payment assistance program will not be affected because it is not in the form of a gift, but is an interest-free second mortgage loan. CHFA also is allowed to provide down payment assistance under federal regulations because it is a political subdivision of the state, and therefore qualifies as a public entity.
Leadership Pikes Peak is accepting applications for the 2006-07 Signature Program, a 10-month in-depth look at the Colorado Springs community, its leaders and decision-making processes.
Participants have the opportunity to network with other residents of diverse backgrounds and professions, while gaining knowledge about challenges and opportunities facing the Pikes Peak region.
The class encompasses 14 full-day sessions from September through June. Each day includes discussions with community leaders, behind-the-scenes tours of community facilities, active and experimental learning components, and cultivation of leadership.
Application packets can be obtained by calling 632-2618 or at www.LeadershipPikesPeak.org. The deadline to apply is June 30.
For more information, visit the Web site or e-mail Susan Saksa at firstname.lastname@example.org.