Published: 8/11/06

Being a local in Telluride is something people take very seriously. It means you really live here, it means you really work here and it means that you really appreciate what it means to be here. Since June 2002, the Telluride Association of Realtors has helped make dreams come true for Telluride-area locals by furthering opportunities toward purchasing homes in the region. Through its First Time Homebuyer’s Assistance Fund program, TAR continuously softens the financial commitment associated with buying a home for the first time.

“It is fantastic to be able to support a record amount of locals in their purchase of a Telluride home,” said Teddy Errico, FTHBAF committee chair. “And I believe the Telluride brokerage community finds great pleasure in giving back financially in order to keep the Telluride locals ‘local.’”

In June 2006 alone, TAR awarded an impressive $14,000 to first time homebuyers, which included every local purchaser in the Mendota development (the new affordable housing project on Telluride’s main street) who applied for a grant. In this year’s second quarter, a total of $21,600 was distributed among 30 individuals through 22 grants. This was the highest quarter that the program has ever witnessed in terms of recipients, grants and funds allotted.

“This is such a wonderful program,” said FTHBAF recipient Meagan Tougher. “It was extremely helpful to us and we’re so grateful that it’s here and available for locals.”

So far in 2006, $25,100 has been awarded in FTHBAF grants. Since the program’s inception in 2002, $149,600 has been given to 270 individuals in the form of 181 grants. And those figures are constantly on the rise because with programs like the FTHBAF in the Telluride community, more and more locals are finding ways to purchase homes in the region.

“As applicant numbers continue to grow, TAR and the brokerage community rise to meet those numbers,” said TAR president Kim Havell. “We are ecstatic about the large amount of recent new homebuyers in this area – i.e. Mendota owners – and the fact that we are able to provide them with financial assistance.”

The money behind the FTHBAF program comes from several contributors, the largest of which are local realtors/TAR members. Over 80 percent of Telluride area brokers voluntarily contribute a portion of every closed transaction to the program. This translates to close to 200 brokers distributed over 20 brokerage firms who repeatedly make donations. Donations are made in allocated increments taken from each closing; monies granted are applied entirely toward the FTHBAF recipient’s closing costs. Additionally, affiliate TAR members like Telluride Mountain Title, Alpine Title, Security Title, American National Bank and Wells Fargo Home Mortgage contribute to the FTHBAF.

“Our board, our affiliates and our membership are extremely proud of the financial contributions we continue to provide to the first time homebuyers in our community,” said Havell. “It has been a wonderful experience for all of us to witness the benefit this funding has for its recipients.”

TAR recognizes what it means to be a local in Telluride and strives to do its part by assisting such persons in fulfilling their dreams of owning a home in the area. By allowing the heart and soul of this community to continue calling it home, the spirit and uniqueness of Telluride will always remain intact. TAR hopes it is helping make this happen through the FTHBAF and other local programs it spearheads.

“I wouldn’t have been able to do this without TAR’s first time homebuyer’s program and without the generous support of local realtors, Garrett Simon in particular, who donated time and energy toward helping me purchase a home,” said FTHBAF recipient Chris Thompson.

Those interested in applying for a FTHBAF grant should contact TAR at 728-5172. All applications are due to the TAR office at least two weeks prior to the property’s closing date.