Colorado to receive $53 million for neighborhood stabilization
(October 6, 2008) The State of Colorado will receive $53,053, 033 in emergency grants from HUD (the U.S. Department of Housing and Urban Development) through the Neighborhood Stabilization Program. The Program was created through the Housing and Economic Recovery Act of 2008, and includes money for home buyer down payment assistance, purchasing and improving abandoned homes and helping homeowners in danger of foreclosure.
Colorado's $53 million allocation will be split as follows:
Receiving authority State of Colorado Denver Adams County Aurora Colorado Springs
For its part, the draft of Denver's Action Plan for its share of the Federal grant calls for down payment assistance to nine households through its "American Downpayment Assistance Initiative", direct down payment assistance to 18 home buyers through its Homeowner Assistance Program and help for 20 homeowners facing foreclosure.
Additional funds are being made for purchase and improvement of abandoned homes, to be resold to home buyers meeting strict income limit guidelines.
For home buyers who don't qualify for this new down payment assistance, the easiest way to buy a home with an ultra-low down payment is through HUD's $100 down payment program.