If you are considering refinancing your MPDU home or obtaining a home equity loan, you will need to obtain a letter of value from Division of Housing and Neighborhood Development (DHND). The process is as follows:
You may not refinance your home for more than its restricted value.
You will receive the requested information in a timely manner by following the steps listed above. The DHND office cannot honor last minute requests for home values. These requests should be made at the beginning of the loan process, not when the loan is ready to close.
Please contact Stephanie Inderwiesen at (720) 913-1634 for additional information or clarification.
Frequently Asked Questions
My property tax bill shows an assessment that is higher than the maximum I am allowed to sell my home for, what do I do?
If you signed and recorded a Memorandum of Acceptance (MOA) when you purchased your home, the assessor's office will use the restricted value to determine your taxes, otherwise your tax will reflect the unrestricted market value of your property. Provide a copy of your MOA to the assessor's office to correct the mistake.
What is a Memorandum of Acceptance (MOA)? I don't remember signing one.
The MOA documents your acknowledgment and understanding of the covenant restrictions placed on your property. You should have signed one at the time you closed your mortgage. You can obtain a new form by contacting DHND at 720.913.1999.
May I rent out my home?
No. You must live in the home as your primary residence, or you must put it for-sale. However, you can sub-let a room as long as you continue to occupy the home as your primary residence.
If I pay off my mortgage, does my obligation to the affordable housing program still remain in effect?
Yes; the covenants on your home are not tied to your mortgage. The covenants are tied to the property itself. Therefore, paying off your mortgage does not relieve you of your obligation to adhere to the home rules you agreed to when you purchased your property.
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