Colorado will have $53 million available to combat foreclosures

November 14, 2008

Rep. Ed Perlmutter (CO-07) is proud to announce as part of the Housing and Economic Recovery Act, the State of Colorado has been granted over $53 million as part of the Neighborhood Stabilization Program. These funds will be used to rehabilitate foreclosed homes in areas hardest hit by the downturn in the housing market. The Department of Housing and Urban Development (HUD) allocated these funds as follows:

• Colorado State Program - $34,013,566
• Adams County - $4,600,211
• City of Aurora - $4,474,097
• City of Colorado Springs - $3,904,989
• City and County of Denver - $6,060,170

The State of Colorado is currently compiling a plan of eligible entities to submit to HUD and will place a copy on their website for public comment. The public comment period is open throughout November. When HUD approves the plan the state must distribute and use the funds within 18 months. Rep. Perlmutter inserted language to allow these funds to be utilized for energy efficient rehabilitation.

“ Colorado has over $53 million available to rehabilitate foreclosed properties. This funding will help to revitalize neighborhoods, increase adjacent home values while bolstering local tax revenues. I encourage citizens, non-profits and interested parties to provide their feedback to the state. It is important to use energy efficient measures when rehabilitating these properties because a BTU saved is a BTU earned. Furthermore, a home owner or tenant in an energy efficient property will save money and is a better credit risk,” stated Perlmutter.

Click here to review the State of Colorado’s plan and provide your feedback.