High Country Bank in Salida is providing financial support to the Office of Housing’s new Rental Deposit Guarantee Program. This program assists tenants with the up-front costs of entering rental housing, by offering a rental deposit guarantee to landlords and property managers, and allowing the tenant to re-pay the deposit amount over the term of the lease, not to exceed 12 months.
High Country Bank contributed $2,500 to the program, which was launched on July 1 with $40,000 the Office of Housing received from El Pomar Foundation’s Central Peaks Council.
“High Country Bank is committed to serving the people that live and work in our local communities. So when I heard about the program, I immediately reached out to Becky Gray to further discuss details of the program and offered our support,” said Joe Smith, vice president of Commercial Loans. “We hope this $2,500 donation will stretch the rental deposit program even further to allow for members of our community to obtain rental housing that they may not otherwise be able to obtain.”
Chaffee County residents who earn 100 percent of the Area Median Income or less, have good rental history, and can demonstrate the ability to pay the deposit amount over the term of the lease or 12 months, whichever is less, are eligible for the program. Presently, 100 percent AMI for a single person is $47,700.
Landlords and property managers will receive a promissory note from the Office Housing for the amount of the deposit, and once the tenant has paid the deposit in full the Office of Housing will issue to check for the full deposit amount directly to the landlord or property manager.
More information about the program can be found on the Office of Housing website or by contacting the Director of Housing, Becky Gray, at 719-530-2590.