CARHOF
CARHOF is a 501(c)3 charitable foundation created in 1990 for the purpose of promoting safe, decent and affordable housing for all in Colorado. CARHOF collects interest on escrow accounts and donates the money to nonprofit and public agencies that help low to moderate income families with their housing needs.

CARHOF is controlled by a Board of Directors made up of volunteers from the real estate industry, the Colorado Bankers Association and the public sector. Each local board of REALTORS® has a CARHOF representative who directs the activities of the foundation in their community.

How Does CARHOF Work?
When a homebuyer gives earnest money to purchase a house, a REALTOR® deposits it into an interest-bearing account. By law, interest cannot be earned on this money. However, interest can be earned if a foundation exists that uses the money to promote affordable housing in Colorado. The few dollars of interest that accrue on each earnest money deposit while in escrow is pooled together with other interest and generates $300,000 - $500,000 annually. All but 15% (which is used for administrative costs) goes back to the community to help support homeless shelters, down payment assistance programs and other housing-related services. CARHOF has two grant cycles annually – March 1 and August 1 – when housing agencies can apply for funding.

Who Does CARHOF Help?
CARHOF helps the homeless, victims of domestic violence, first-time homebuyers, families threatened with eviction or losing their homes, victims of a natural disaster and more. Only housing organizations are eligible for funding and they must be based in Colorado with a 501(c)3 status or be a public agency. Individuals should contact their local housing agencies for information about available assistance programs.