Information for Colorado DOLA HRP Borrowers

What is a Traditional HRP Loan?

A Traditional Housing Recovery Program loan are 30-year loans with a fixed interest rate of 1.5% and require monthly principal and interest payments. If your loan does not fit this description, please see Forgivable loan (create link here). 

Who services my loan?

The IRC’s Center for Economic Opportunity (IRC-CEO) is proud to service your Housing Recovery Program loan on behalf of the Colorado Department of Local Affairs (DOLA). To reach us, please email servicing@irc-ceo.org or call us 888-612-1002. 

Will I receive monthly statements?

Yes. Monthly statements are provided and include your loan balance, payment activity, and amount due. If you are experiencing any interruptions, please contact us.

When is my payment due?

Your payment due date is the 5th of each month listed in your loan documents and monthly statement.

Can I pay my loan off early?

Yes. You may pay off your loan early by making a request through your online account page or sending an email to us at servicing@irc-ceo.org. A statement with the total balance due to pay off in full will be provided within seven (7) business days of receipt by IRC-CEO.

Does CEO report payment activity to credit bureaus?

Yes. Credit reporting is part of IRC-CEO loan servicing responsibilities and will be complete promptly and consistently each month.

What happens if I miss a payment?

Please contact IRC-CEO immediately. We will work with you to discuss options and help prevent your loan from becoming seriously delinquent. 

Can I request a loan modification?

Possibly. Loan modifications may be considered in certain circumstances and require approval by both the state of Colorado Disaster Resilience Rebuilding program and IRC-CEO. 

Is there a fee for a loan modification?

Yes. A modification fee may apply based on the current servicing fee schedule. 

Can I refinance my home?

Yes, but you may need a Subordination Agreement before refinancing can be completed. If considering, please contact us.

What is a Subordination Agreement?

A Subordination Agreement establishes the repayment priority of your Housing Recovery Program (HRP) loan relative to a new mortgage or lender. 

Is there a fee for subordination?

Yes. A fee may apply based on the current servicing fee schedule. 

What if I sell my home?

Contact IRC-CEO before closing. Your loan may need to be paid off through the sale proceeds.

Do I need homeowner's insurance?

Yes. Maintaining insurance on the property is required during the term of your loan. Insurance verification is an annual obligation under the HRP. 

What should I do if my insurance changes?

Please submit updated insurance information to the servicing team as soon as possible.

What is a Forgivable Loan?

A Forgivable Loan is a three-year loan with no interest and no monthly payments, provided the borrower continues to meet program requirements. 

Do I make monthly payments?

No. Forgivable Loans require no monthly payments during the forgiveness period, assuming program requirements are met. 

What requirements must I meet?

You must maintain the Colorado property as your primary residence throughout the three-year forgiveness period. Proof of eligibility is required annually. Eligibility is determined by continuous residency in the property.  

How does loan forgiveness work?

A portion of your loan is forgiven each year after verification that you continue to meet the primary residence requirement. 

How will my residency be verified?

You may be required to complete an affidavit and submit additional documentation confirming that the property remains your primary residence. 

Will I receive confirmation that forgiveness has been approved?

Yes. IRC-CEO will send you a forgiveness letter after your forgiveness is approved. 

What happens if I move before the three years are complete?

If you sell, transfer, or stop occupying the property as your primary residence before the forgiveness period ends, the unforgiven portion of the loan may become due and payable. 

What if I inherit another home or temporarily relocate?

Contact IRC-CEO immediately to discuss your situation before making any decisions that could affect eligibility.

What happens in Year 3?

The final review includes:

• Residency verification
• Duplication of Benefits review
• Final forgiveness determination
• Preparation of Deed of Trust release documents

After successful completion, the loan is closed out and the lien can be released. 

How will I know when my loan is fully forgiven?

You will receive written confirmation and applicable release documentation once all requirements have been satisfied. 

What is a holdback?

A holdback is a portion of the approved total amount of your forgivable loan that was temporarily withheld until construction was completed and final costs were verified. 

Why weren't all of my funds released at closing?

Holdbacks are used to ensure final construction costs and project completion requirements can be verified before additional funds are disbursed. 

How do I request my holdback funds?

Contact IRC-CEO and submit the required documentation supporting completion of the approved work.

What documentation may be required?

Documentation may include:

• Invoices
• Construction completion documentation
• Proof of expenses
• Duplication of Benefits certifications
• Additional program-required forms

How is eligibility for holdback release determined?

IRC-CEO reviews the documentation and verifies compliance with program requirements before making a recommendation to the state of Colorado regarding release. 

What is a Duplication of Benefits review?

Federal law prohibits a borrower from receiving assistance for the same expense from multiple funding sources. A review is conducted before final holdback funds can be released.

Why do I need to certify other assistance I received?

The program must ensure funds are used only for eligible expenses that were not already covered by insurance or other assistance sources.

How will I know if my holdback request is approved?

You will receive a Holdback Release Letter indicating approval or denial.