property
Aurora's Shared Equity Scheme: First-Time Buyers Build Home Ownership Gradually
First-time buyers in Aurora can use the shared equity program to cover part of a home purchase while building ownership over time.
How we reported this
Aurora first-time buyers gained access this month to the shared equity scheme run by the city housing office, which lets approved applicants borrow up to 20 percent of a property purchase price without monthly repayments until the home is sold or refinanced.
The program arrives as median detached-home prices in Aurora reached 462000 dollars in the second quarter of 2026, up 7 percent from the same period last year, pushing many entry-level buyers out of neighborhoods they grew up in.
Who qualifies and where the money applies
Applicants must earn no more than 120 percent of the area median income and have not owned a home in the past three years. The scheme targets properties in the Fitzsimons Innovation District and along East Colfax Avenue between Havana Street and Peoria Street, where the Aurora Housing Authority maintains a list of participating lenders.
City records show the average approved loan under the scheme so far totals 78500 dollars, covering equity shares in homes priced between 320000 and 410000 dollars.
Step-by-step application process
Step one requires completing an online pre-qualification form on the Aurora Housing Authority website and uploading two years of tax returns plus a recent pay stub. Step two involves attending a free two-hour counseling session at the authority office on 1470 Peoria Street, where counselors calculate the exact equity share the city would hold. Step three pairs the buyer with one of five approved lenders who issue the primary mortgage; the city then records its equity stake as a silent second mortgage. Step four closes the purchase with the buyer responsible for all maintenance and insurance while the city retains its percentage until the property changes hands.
Buyers who sell within the first five years repay the city its original equity share plus 25 percent of any appreciation; after year five the city share drops by 2 percent each year until full ownership returns to the resident.
Interested residents can schedule an intake appointment by calling the Aurora Housing Authority at 303-739-7900 before the next round of funding closes on 15 August 2026.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.