The Colorado Department of Local Affairs, through its Division of Housing, created an Emergency Mortgage Assistance Program (EMAP) in the fall of 2021 to help eligible Colorado homeowners keep their homes if they had suffered financial impacts from the COVID-19 pandemic. The state was allocated funds for the program through the United States Treasury’s Homeowners Assistance Fund established earlier that year under the American Rescue Plan Act. That Act had the overall purpose of helping to mitigate financial hardships associated with the coronavirus pandemic.
Colorado’s Emergency Mortgage Assistance Program (EMAP)
Colorado’s EMAP is designed to help eligible homeowners in the state keep their homes by assisting with:
- Homeowners insurance payment
- Loss of utilities or home energy services
- Paying off or paying down Chattel Loans
- Lot rent for owner-occupied mobile homes
- Mortgage defaults, delinquencies, and/or foreclosures
- HOA payments, delinquencies, and/or liens
- Past due taxes
Online Application for Colorado’s EMAP
There is an online application portal for homeowners to apply for assistance at https://cdola.colorado.gov/emergency-mortgage-assistance. Applicants will need certain documents in order to file a viable application. These documents include:
- Government-issued ID for all household members 18 years of age or older
- Deed or other Proof of Ownership
- Income documents for all household members 18 years of age or older
- Accepted income documents include:
- Paycheck stubs
- W2s or other wage statements
- IRS Form 1099, tax filings
- Bank statements or similar documents demonstrating regular income
- Benefit determination letter
- A self-attestation of zero income (see self-attestation of zero income), or
- An attestation from an employer
- Mortgage documents such as your most recent mortgage statement, loss mitigation paperwork from your mortgage lender, foreclosure notices, etc.
- Completed and signed Third Party Authorization form (see Third Party Authorization form). This form is necessary in order for the EMAP staff to speak with your mortgage lender.
Qualifying for Colorado’s EMAP Assistance
To qualify for EMAP assistance, homeowners must not only complete an application but also demonstrate that they:
- Have experienced a COVID-related impact to their finances on or after January 21, 2020.
- The hardship could include: job loss; reduction in income; reduction in hours worked; increased costs due to healthcare; increased costs due to the need to care for family members; or other issues which have impacted the household’s income.
- Are owner-occupants of a single-family home or condominium, or a 2- 3- or 4-family home located in Colorado.
- This does not include owner-occupied properties of 5 or more units, investor-owned properties, or vacation homes.
- Have an income equal to or less than 100% of the Area Median Income for the county in which they reside currently, or at the time of COVID-related financial hardship (see 100% of Area Median Income) for the relevant county-by-county income figures.
- Have a loan under the conforming loan limits (non-jumbo loan) at time of origination or most recent refinance (see conforming loan limits.) Note that loan limits vary by region.
EMAP Loss Mitigation
Homeowners applying for EMAP are advised to also apply for loss mitigation through their mortgage lender. Loss mitigation documentation may be uploaded with your EMAP application. Additional documentation may be requested in order to verify your eligibility.
Many more details, including commonly asked questions and their answers, can be found at https://cdola.colorado.gov/emergency-mortgage-assistance.