The requested resource (/media/ksut/header/pb/header.html) is not available
Last updated 5:24AM ET
July 17, 2018
KSUT Regional
KSUT Regional
BP Pledges $1M for Affordable Housing
(ksut) - HOST LEAD: A program designed to help provide affordable housing in La Plata County has received a major boost from BP.
KSUT's Victor Locke reports.

VICTOR: BP, the largest natural gas producer in La Plata County, has committed 1-point-1 million dollars over two years to the Regional Housing Alliance's Homes Fund.
Known as the BP Neighbors Fund, the monies will be used to provide second mortgage loans of up to 50-thousand dollars, to 20-or more low to moderate income families trying to buy a home.
The second mortgages would fill any gap between current entry-level housing prices and what a family may be able to afford.
Curtis Thomas is the Director of Public Affairs for BP's Rockies region.
He says the company sees this as an investment in the long-term health of the community since the fund is designed to continue supporting families for many years to come.
The loans won't require any payments, but would instead be repaid along with a share of any appreciation, when the home is sold.
The money would then be used to finance more home purchases.
RHA officials hope other local employers will follow BP leads by contributing additional funds to the home buying program.
It's estimated median home prices in La Plata County have doubled in the last six years.
From KSUT, I'm Victor Locke.
© Copyright 2018, ksut