The Division of Housing is in the process of issuing new fee guidelines on Private Activity Bonds and fees. The Division plans to formally announce the new fee structure at the PAB Committee hearing on November 17. In order to allow for comments before the new fees are finalized, a summary is below. Please contact Ann Watts with comments at ann.watts@state.co.us.
New Guidelines on Direct Allocation Fees are as follows:
•All bonds issued from a local government and/or from statewide authorities’ direct formula allocations will be subject to an issuance fee.
•This applies to all direct allocations that have not yet been issued, including allocations from 2009 & previous years.
•The fee starts at 0.0057%, and be adjusted annually. Since most PAB issuances are for at least $3 million, the smallest fee would be $171. At the other end of the spectrum, a $100 million issuance would cost $5,700.
•Typically, 3 statewide authorities & about 47 local governments receive direct, formula allocations at the start of each calendar year.
Statewide Balance (SWB) Fees are unchanged:
•These will remain unchanged from current practice, & include a $750 application fee and a 0.25% issuance fee.
Comment period:
Please send any comments to Ann Watts by Friday, 11/6.
Implementation date:
We plan to formally announce the new fee structure at the PAB Committee hearing on November 17.
Wednesday, October 28, 2009
Last chance to take DOLA's housing and economic priorities survey
Click here to take the survey.
The Colorado Department of Local Affairs - Division of Housing is conducting a survey as part of the Division of Housing's Consolidated Plan. Please take a few minutes to complete the survey. The survey results will assist the Division in understanding how different communities view different community and housing priorities. We will depend on responses from representatives from housing, community, and local government organizations to ensure that we have a broad view of housing and community needs and issues in Colorado.
The survey will be open until the 30th of October, so please help us by completing the survey at your earliest convenience. The survey can be found online here.
The Colorado Department of Local Affairs - Division of Housing is conducting a survey as part of the Division of Housing's Consolidated Plan. Please take a few minutes to complete the survey. The survey results will assist the Division in understanding how different communities view different community and housing priorities. We will depend on responses from representatives from housing, community, and local government organizations to ensure that we have a broad view of housing and community needs and issues in Colorado.
The survey will be open until the 30th of October, so please help us by completing the survey at your earliest convenience. The survey can be found online here.
New 2nd Q Metro Denver vacancy data posted
Due to joint ownership of metro Denver vacancy and rent data (shared with the Apartment Association of Metro Denver) Denver vacancy and rent data cannot be immediately posted.
The full report is always available from their web site, but county-level second quarter data is now posted at our site. Please see here for more info.
The 3rd quarter data will be available through AAMD in the next couple of weeks.
Click here for the 2nd Q data.
The full report is always available from their web site, but county-level second quarter data is now posted at our site. Please see here for more info.
The 3rd quarter data will be available through AAMD in the next couple of weeks.
Click here for the 2nd Q data.
CORRECTED September Foreclosure Report
Due to some errors in the September El Paso County data, we have corrected and re-posted the September Foreclosure Report. See below.
The old report showed a decline in the month-over-month and year-over-year foreclosure totals in El Paso county. In fact, foreclosure sales at auction increased in September to a total of 225.
This also produced a small upward shift in statewide totals for completed foreclosures, and in general, means that there was slightly more foreclosure activity in September than was previously thought.
The corrected report is available here.
The old report showed a decline in the month-over-month and year-over-year foreclosure totals in El Paso county. In fact, foreclosure sales at auction increased in September to a total of 225.
This also produced a small upward shift in statewide totals for completed foreclosures, and in general, means that there was slightly more foreclosure activity in September than was previously thought.
The corrected report is available here.
Wednesday, October 21, 2009
New videos posted on multifamily housing in Southern Colorado
At the Division's Youtube page, we've posted a new series of videos that looks at recent economic trends and trends in the apartment markets in Colorado Springs and Pueblo. There are 8 different videos, each ranging from about 2 minutes to 5 minutes.
Here's our Youtube page.
This video looks at the effects of recent troop movements to Colorado Springs:
Here's our Youtube page.
This video looks at the effects of recent troop movements to Colorado Springs:
Some recent grants awarded to regions in Southern Colorado
$225,288 Award for Alamosa County / San Luis Valley Housing Coalition – Housing Rehabilitation Program
DOLA's Division of Housing has announced that $225,288 in CDBG funds has been awarded for increasing the availability of affordable housing in the San Luis Valley.
Alamosa County, on behalf of the San Luis Valley Housing Coalition, Inc. (SLVHC), was awarded a grant of $225,288 to support the SLVHC Housing Rehabilitation Program from October 2009 through September 2010. This program will administer twelve (12) housing rehabilitation projects and one (1) replacement homes in Alamosa, Conejos, Costilla, Saguache, Mineral Counties and the Cities of Monte Vista and Del Norte. The SLVHC markets to potential program participants through other community organizations, the local governments and the building departments.
$221,000 award for development of Huerfano County / South Central Council of Governments Housing Rehabilitation Program
DOLA's Division of Housing has announced that $221,000 in CDBG funds has been awarded for increasing the availability of affordable housing in Huerfano and Las Animas Counties.
Huerfano County, on behalf of the South Central Council of Governments (SCCOG), was awarded a grant of $221,000 to continue the funding of their two-county (Huerfano and Las Animas) Single-Family, Owner-Occupied Rehabilitation Program. These grant funds will be used to provide low-interest loans for twenty (20) rehabilitation projects and two (2) essential repairs to households at 80% of the Area Median Income in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1987 and has completed the rehabilitation of over 412 homes.
$185,755 award for development of Otero County / Tri-County Housing and CDC – Housing Rehabilitation Program
DOLA's Division of Housing has announced that $185,755 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley, and Otero Counties.
Otero County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), was awarded a grant of $185,755 to continue the funding of their three-county (Bent, Crowley and Otero) Self-Help, Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less. The new grant funds will be combined with other sources to provide low-interest loans for eight self-help rehabilitation projects. These grant funds are combined with Rural Develop low-interest mortgages to assist first-time buyers become home owners. All households must attend first-time homebuyer training and contribute at least 20 hours a week of labor. This self-help housing rehabilitation program has received funding from the Colorado Division of Housing since 2005 and has completed a total of 25 homes to date.
$105,207 award for development of the Prowers County / Southeast Colorado Enterprise Development – Housing Rehabilitation Program
DOLA's Division of Housing has announced that $105,207 in CDBG funds has been awarded for increasing the availability of affordable housing in Baca, Kiowa and Prowers Counties.
Prowers County, on behalf of the Southeast Colorado Enterprise Development (SECED), received a grant of $105,207 to continue the funding of their three-county (Baca, Kiowa, and Prowers) Single-Family, Owner-Occupied (SFOO) Rehabilitation Program. These grant funds will be used to provide a minimum of the following; low-interest loans for 18 rehabilitation projects and 4 emergency repairs in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1996 and has successfully completed the rehabilitation of over 250 homes.
$372,196 award for development of the Crowley County / Tri-County Housing and CDC – Single-Family Housing Rehabilitation Program
DOLA's Division of Housing has announced that $372,196 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley and Otero counties.
Crowley County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), received a grant of $372,196 to continue the funding of their three-county (Bent, Crowley and Otero) Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less through November 2009. The new grant funds will be used to provide low-interest loans for 18 rehabilitation projects and 10 essential repairs. This SFOO Rehabilitation Program has received funding from the Colorado Division of Housing since 1991 and has completed the rehabilitation of over 400 owner-occupied homes.
DOLA's Division of Housing has announced that $225,288 in CDBG funds has been awarded for increasing the availability of affordable housing in the San Luis Valley.
Alamosa County, on behalf of the San Luis Valley Housing Coalition, Inc. (SLVHC), was awarded a grant of $225,288 to support the SLVHC Housing Rehabilitation Program from October 2009 through September 2010. This program will administer twelve (12) housing rehabilitation projects and one (1) replacement homes in Alamosa, Conejos, Costilla, Saguache, Mineral Counties and the Cities of Monte Vista and Del Norte. The SLVHC markets to potential program participants through other community organizations, the local governments and the building departments.
$221,000 award for development of Huerfano County / South Central Council of Governments Housing Rehabilitation Program
DOLA's Division of Housing has announced that $221,000 in CDBG funds has been awarded for increasing the availability of affordable housing in Huerfano and Las Animas Counties.
Huerfano County, on behalf of the South Central Council of Governments (SCCOG), was awarded a grant of $221,000 to continue the funding of their two-county (Huerfano and Las Animas) Single-Family, Owner-Occupied Rehabilitation Program. These grant funds will be used to provide low-interest loans for twenty (20) rehabilitation projects and two (2) essential repairs to households at 80% of the Area Median Income in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1987 and has completed the rehabilitation of over 412 homes.
$185,755 award for development of Otero County / Tri-County Housing and CDC – Housing Rehabilitation Program
DOLA's Division of Housing has announced that $185,755 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley, and Otero Counties.
Otero County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), was awarded a grant of $185,755 to continue the funding of their three-county (Bent, Crowley and Otero) Self-Help, Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less. The new grant funds will be combined with other sources to provide low-interest loans for eight self-help rehabilitation projects. These grant funds are combined with Rural Develop low-interest mortgages to assist first-time buyers become home owners. All households must attend first-time homebuyer training and contribute at least 20 hours a week of labor. This self-help housing rehabilitation program has received funding from the Colorado Division of Housing since 2005 and has completed a total of 25 homes to date.
$105,207 award for development of the Prowers County / Southeast Colorado Enterprise Development – Housing Rehabilitation Program
DOLA's Division of Housing has announced that $105,207 in CDBG funds has been awarded for increasing the availability of affordable housing in Baca, Kiowa and Prowers Counties.
Prowers County, on behalf of the Southeast Colorado Enterprise Development (SECED), received a grant of $105,207 to continue the funding of their three-county (Baca, Kiowa, and Prowers) Single-Family, Owner-Occupied (SFOO) Rehabilitation Program. These grant funds will be used to provide a minimum of the following; low-interest loans for 18 rehabilitation projects and 4 emergency repairs in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1996 and has successfully completed the rehabilitation of over 250 homes.
$372,196 award for development of the Crowley County / Tri-County Housing and CDC – Single-Family Housing Rehabilitation Program
DOLA's Division of Housing has announced that $372,196 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley and Otero counties.
Crowley County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), received a grant of $372,196 to continue the funding of their three-county (Bent, Crowley and Otero) Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less through November 2009. The new grant funds will be used to provide low-interest loans for 18 rehabilitation projects and 10 essential repairs. This SFOO Rehabilitation Program has received funding from the Colorado Division of Housing since 1991 and has completed the rehabilitation of over 400 owner-occupied homes.
A $75,000 grant and $800,000 loan for affordable housing in the City of Salida.
DOLA's Division of Housing has announced that $875,000 of federal and state funds has been awarded for increasing the availability of affordable housing in the City of Salida.
The City of Salida will receive a $75,000 CDBG grant to provide down payment assistance for homebuyers at the Crestone Heights Community Land Trust, which is being developed by the Chaffee Housing Trust. The Chaffee Housing Trust will also receive a Revolving Loan Fund construction loan of $800,000 for the project.
Crestone Heights is located within one mile of downtown Salida, at the corner of Crestone Ave. & Mesa Lane. The Chaffee Housing Trust is developing 5 homes in a tri-plex and a duplex. All units will be restricted to homebuyers at or below 80% AMI. There will be two 2-bedroom, 1.5-bath units; one 2-bedroom 2-bath units; and two 3-bedroom 2-bath units. The townhomes will be kept affordable in perpetuity using the community land trust model, with a 99-year land lease and resale restrictions.
The City of Salida will receive a $75,000 CDBG grant to provide down payment assistance for homebuyers at the Crestone Heights Community Land Trust, which is being developed by the Chaffee Housing Trust. The Chaffee Housing Trust will also receive a Revolving Loan Fund construction loan of $800,000 for the project.
Crestone Heights is located within one mile of downtown Salida, at the corner of Crestone Ave. & Mesa Lane. The Chaffee Housing Trust is developing 5 homes in a tri-plex and a duplex. All units will be restricted to homebuyers at or below 80% AMI. There will be two 2-bedroom, 1.5-bath units; one 2-bedroom 2-bath units; and two 3-bedroom 2-bath units. The townhomes will be kept affordable in perpetuity using the community land trust model, with a 99-year land lease and resale restrictions.
Thursday, October 8, 2009
Completed foreclosures fall 5 percent in September
Click here for full report.
Completed foreclosures fall 5 percent in September
Foreclosure sales at auction in Colorado’s largest counties fell 5 percent last month as compared to September of last year. According to a report released today by the Department of Local Affairs – Division of Housing, completed foreclosures were down compared to the same period last year, but rose 21 percent from August to September of this year.
New foreclosure filings, which open the foreclosure process, increased 72 percent year-over-year. But, the Division’s report downplays the increase in filings as being partially driven by a statutory change that depressed the number of new filings during August and September of last year. According to the report, “the large difference in foreclosure filing totals between September 2008 and September 2009 is driven partially by statutory changes and only partially by actual conditions in the real estate markets.”
New foreclosure filings fell 0.5 percent from August to September of this year.
Mesa County reported the largest year-over-year increase in completed foreclosures, with a rise of 217 percent. Increases in other counties were much smaller with Adams County reporting an increase of 3.4 percent. Denver County reported the largest fall in totals of completed foreclosures with a drop of 29 percent, while Arapahoe County totals fell 13 percent.
From August to September, all counties surveyed except El Paso County reported increases. El Paso County’s total of completed foreclosures fell 1 percent while Mesa County rose 49 percent, Adams County rose 34 percent, and Denver County rose 17 percent.
Foreclosure rates in metropolitan counties vary considerably. Adams County reported the largest foreclosure rate with 540 households per foreclosure completed in September. Weld County reported a rate of 563 households per foreclosure, and Denver reported a rate of 876.The counties with the lowest foreclosure rates were Boulder, Mesa, and Larimer counties with rates of 2,360, 1,459 and 1,378 households per foreclosure completed in September, respectively.
For all counties surveyed, the overall foreclosure rate was 966 households per completed foreclosure.
The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the twelve largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.
Completed foreclosures fall 5 percent in September
Foreclosure sales at auction in Colorado’s largest counties fell 5 percent last month as compared to September of last year. According to a report released today by the Department of Local Affairs – Division of Housing, completed foreclosures were down compared to the same period last year, but rose 21 percent from August to September of this year.
New foreclosure filings, which open the foreclosure process, increased 72 percent year-over-year. But, the Division’s report downplays the increase in filings as being partially driven by a statutory change that depressed the number of new filings during August and September of last year. According to the report, “the large difference in foreclosure filing totals between September 2008 and September 2009 is driven partially by statutory changes and only partially by actual conditions in the real estate markets.”
New foreclosure filings fell 0.5 percent from August to September of this year.
Mesa County reported the largest year-over-year increase in completed foreclosures, with a rise of 217 percent. Increases in other counties were much smaller with Adams County reporting an increase of 3.4 percent. Denver County reported the largest fall in totals of completed foreclosures with a drop of 29 percent, while Arapahoe County totals fell 13 percent.
From August to September, all counties surveyed except El Paso County reported increases. El Paso County’s total of completed foreclosures fell 1 percent while Mesa County rose 49 percent, Adams County rose 34 percent, and Denver County rose 17 percent.
Foreclosure rates in metropolitan counties vary considerably. Adams County reported the largest foreclosure rate with 540 households per foreclosure completed in September. Weld County reported a rate of 563 households per foreclosure, and Denver reported a rate of 876.The counties with the lowest foreclosure rates were Boulder, Mesa, and Larimer counties with rates of 2,360, 1,459 and 1,378 households per foreclosure completed in September, respectively.
For all counties surveyed, the overall foreclosure rate was 966 households per completed foreclosure.
The Division of Housing’s monthly foreclosure report surveys foreclosure activity in the twelve largest counties of Colorado. The report is a supplement to the Division’s quarterly foreclosure report that includes all counties in Colorado.
Tuesday, October 6, 2009
Colorado Springs area vacancies fall to 8.7 percent
Click here for report.
Apartment vacancy rates in the Colorado Springs area fell to 8.7 percent during the third quarter of 2009, led by sharp drops in average vacancies in southwestern Colorado Springs and in the Security/Widefield/Fountain area.
According to a report released today by the Apartment Association of Southern Colorado and the Colorado Department of Local Affairs - Division of Housing, overall vacancies fell in the Colorado Springs area from 9.2 percent during the third quarter of last year, and are down from this year’s second-quarter rate of 9.8 percent.
Vacancy rates fell significantly in the “Southwest” market area of Colorado Springs where vacancy rates fell to 5.3 percent, the lowest rate among all market areas surveyed. The rate in the Southwest region had been 9.4 percent during the third quarter of last year.
Vacancies in the “Security/Widefield/Fountain” market area fell from 24.4 percent during the third quarter of last year to 16.9 percent during the third quarter of this year.
Vacancy rates rose slightly in the “Far Northeast” market area, rising from last year’s third quarter rate of 6.4 percent, to 7.8 percent during the third quarter of this year. Rates also rose in the “Southeast” market area where rates rose from 14.4 percent to 20.5 percent during the same period.
Vacancy rates continue to be buoyed by high vacancies in apartment projects of 9 to 50 units where vacancies have increased over the last year, and now stand at 16.8 percent.
Colorado Springs vacancy rates have fallen .5 percent over the last year as rates across the rest of the Front Range have risen. Metro Denver’s second-quarter vacancy rate was 9.0, and rates in Greeley and Pueblo have also recently risen above 8 percent.
In general, a vacancy rate of 5 percent is considered an “equilibrium rate.”
In spite of falling vacancy rates, rent growth in Colorado Springs has been very limited. Comparing year-over-year, the third-quarter average rent level fell almost 4 dollars to $695.40 from $699.09. Third quarter rent levels are also below 2007’s third quarter average rent of $703.74.
The overall average rent level hit an all-time high during the second quarter of this year when they hit $717.65
The area that reported the highest average rents was the “Far northeast” region with an average rent of $801.54, and the areas with the lowest average rent was the “Central” region with an average rent of $513.38.
The Vacancy and Rent Surveys are a service provided by the Colorado Department of Local Affairs’ Colorado Division of Housing and the Apartment Association of Southern Colorado to renters and the multi-family housing industry on a quarterly basis. The Colorado Springs Area Vacancy and Rent Survey reports averages and, as a result, there are often differences in rental and vacancy rates by size, location, age of building, and apartment type. For more information, please contact the Apartment Association of Southern Colorado at http://www.aacshq.org ; or please visit the Colorado Division of Housing web site: http://dola.colorado.gov/cdh/
Apartment vacancy rates in the Colorado Springs area fell to 8.7 percent during the third quarter of 2009, led by sharp drops in average vacancies in southwestern Colorado Springs and in the Security/Widefield/Fountain area.
According to a report released today by the Apartment Association of Southern Colorado and the Colorado Department of Local Affairs - Division of Housing, overall vacancies fell in the Colorado Springs area from 9.2 percent during the third quarter of last year, and are down from this year’s second-quarter rate of 9.8 percent.
Vacancy rates fell significantly in the “Southwest” market area of Colorado Springs where vacancy rates fell to 5.3 percent, the lowest rate among all market areas surveyed. The rate in the Southwest region had been 9.4 percent during the third quarter of last year.
Vacancies in the “Security/Widefield/Fountain” market area fell from 24.4 percent during the third quarter of last year to 16.9 percent during the third quarter of this year.
Vacancy rates rose slightly in the “Far Northeast” market area, rising from last year’s third quarter rate of 6.4 percent, to 7.8 percent during the third quarter of this year. Rates also rose in the “Southeast” market area where rates rose from 14.4 percent to 20.5 percent during the same period.
Vacancy rates continue to be buoyed by high vacancies in apartment projects of 9 to 50 units where vacancies have increased over the last year, and now stand at 16.8 percent.
Colorado Springs vacancy rates have fallen .5 percent over the last year as rates across the rest of the Front Range have risen. Metro Denver’s second-quarter vacancy rate was 9.0, and rates in Greeley and Pueblo have also recently risen above 8 percent.
In general, a vacancy rate of 5 percent is considered an “equilibrium rate.”
In spite of falling vacancy rates, rent growth in Colorado Springs has been very limited. Comparing year-over-year, the third-quarter average rent level fell almost 4 dollars to $695.40 from $699.09. Third quarter rent levels are also below 2007’s third quarter average rent of $703.74.
The overall average rent level hit an all-time high during the second quarter of this year when they hit $717.65
The area that reported the highest average rents was the “Far northeast” region with an average rent of $801.54, and the areas with the lowest average rent was the “Central” region with an average rent of $513.38.
The Vacancy and Rent Surveys are a service provided by the Colorado Department of Local Affairs’ Colorado Division of Housing and the Apartment Association of Southern Colorado to renters and the multi-family housing industry on a quarterly basis. The Colorado Springs Area Vacancy and Rent Survey reports averages and, as a result, there are often differences in rental and vacancy rates by size, location, age of building, and apartment type. For more information, please contact the Apartment Association of Southern Colorado at http://www.aacshq.org ; or please visit the Colorado Division of Housing web site: http://dola.colorado.gov/cdh/
Friday, October 2, 2009
New historical graph on statewide vacancies in Colorado
Here's a view of multifamily vacancies in Colorado since 1995.
Prior to 2002, the median vacancy rate was 4.4. After 2001, the median has been 8.5. The overall median for all averages is 6.15.
Prior to 2002, the median vacancy rate was 4.4. After 2001, the median has been 8.5. The overall median for all averages is 6.15.
Tuesday, September 29, 2009
New on the web site: NSP Training materials from Aug 31 and Sept 14.
You'll find training materials from both the 8/31 all-day training, and the 9/14 "Day in the Life" training on the newly updated DOLA, DOH NSP Website here:
http://www.dola.colorado.gov/cdh/NSP.htm
http://www.dola.colorado.gov/cdh/NSP.htm
Rehabilitation of Correll Apartments
$52,140 in State funds has been awarded for increasing the availability of affordable housing in the City of Boulder.
Thistle Communities was awarded a grant of $52,140 for the rehabilitation of the Correll Apartments in the City of Boulder (near Baseline & Broadway). Correll has one building built in 1948 and two other buildings built in 1957. It has 1 studio, 6 one-bedroom and 14 two-bedroom units, all affordable at or below 50-60% AMI. Thistle acquired the property in 2001 with City and FHLB funding, but without assistance from CDOH. They refinanced it in 2002 as part of a portfolio tax-exempt bond refinancing. In the summer of 2009, Thistle replaced all of the windows with funding from GEO and the City. Their rehabilitation plan also calls for roof replacement, attic insulation, kitchen & bath updates, new furnaces, exterior door replacement, interior hallway upgrades, parking lot resurfacing and lighting, and installation of CO alarms. These repairs are necessary to preserve these 21 permanently affordable rental units.
Thistle Communities was awarded a grant of $52,140 for the rehabilitation of the Correll Apartments in the City of Boulder (near Baseline & Broadway). Correll has one building built in 1948 and two other buildings built in 1957. It has 1 studio, 6 one-bedroom and 14 two-bedroom units, all affordable at or below 50-60% AMI. Thistle acquired the property in 2001 with City and FHLB funding, but without assistance from CDOH. They refinanced it in 2002 as part of a portfolio tax-exempt bond refinancing. In the summer of 2009, Thistle replaced all of the windows with funding from GEO and the City. Their rehabilitation plan also calls for roof replacement, attic insulation, kitchen & bath updates, new furnaces, exterior door replacement, interior hallway upgrades, parking lot resurfacing and lighting, and installation of CO alarms. These repairs are necessary to preserve these 21 permanently affordable rental units.
Monday, September 28, 2009
Neighborhood Stabilization Program grants and projects
These projects were originally announced in July, August and September 2009
City of Pueblo Neighborhood Stabilization Program Multi-family Acquisition and Rehabilitation Program
$1,865,743 in Neighborhood Stabilization (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Pueblo.
The City of Pueblo received a $1,865,743 NSP grant to assist in the purchase and rehabilitation of three (3) multi-family buildings in Pueblo, Colorado for use as permanent affordable rental housing for Veterans at 50% AMI or below (rent level set at 25% AMI). The properties are currently abandoned and vacant and are in need of extensive rehabilitation. The City of Pueblo will complete the acquisition and rehabilitation and then convey the ownership of this affordable rental project to Posada, Inc. Posada Inc. is a Community Housing Development Organization (CHDO) that currently owns and manages a number of affordable rental projects. In addition, Posada, Inc. will provide a range of services to these Veteran households including access to medical and dental assistance, mental health treatment, and job training programs.
Governor directs funding for development of the Douglas County Neighborhood Stabilization Program – Single-family Purchase and Resale Program
$1,075,222 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in Douglas County.
Douglas County received a $1,027,500 NSP grant to assist in the purchase and resale of an estimated twenty-five (25) homes foreclosed homes for households at 120% AMI and below. The properties are located in the area of greatest need block groups and will be purchased for an average discount of at least 1% from appraised value. Douglas County will subcontract the responsibility to manage and delivery this project to the Douglas County Housing Partnership (DCHP). The Douglas County Housing Partnership is a current provider of a HUD-approved home buyer counseling program and operates a home buyer assistance programs.
DCHP will utilize a variety of local professionals (appraisers, real estate agents, title companies, contractors) to complete this program. The program will use a shared equity model that provides up to 20% of the purchase price as a deferred second loan. A minimum of eight (8) hours of home buyer counseling will be provided to the potential home buyers through the DCHP.
Rocky Mountain Community Land Trust Foreclosed Home Purchase, Rehabilitate and Resale Program
$900,000 in Neighborhood Stabilization (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Colorado Springs.
Rocky Mountain Community Land Trust (RMCLT) received a NSP grant of $900,000 to purchase, rehabilitate and resell foreclosed homes in the identified block groups located in the City of Colorado Springs. These funds will be used to assist with the acquisition of a total of nine (9) properties that will be marketed through the existing RMCLT land trust homeownership model. Through the Community Land Trust model, the RMCLT acquires and permanently holds title to the land and grants use of the land investment to the homeowner via a 99-year land lease that can be renewed for an additional 99 years. The RMCLT connects with potential homebuyers through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and new homebuilders.
City of Pueblo Neighborhood Stabilization Program – Single-family Purchase, Rehabilitate and Resale Program
$1,041,234 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Pueblo.
The City of Pueblo received a $1,041,234 NSP grant to assist in the purchase and redevelopment of five (5) blighted homes for households at 120% AMI and below and the purchase (for use by Habitat for Humanity), rehabilitation and resale of three (3) homes for households at 120% AMI and below for a total of eight (8) homes. The properties are located in the area of greatest need census tracks and will be purchased for an average discount of at least 1% from appraised value. The City of Pueblo will directly operate this program and use a variety of local professionals (appraisers, real estate agents, title companies, contractors) to complete this program.
A minimum of eight (8) hours of home buyer counseling will be provided to the potential home buyers through Catholic Charities and Neighborhood Housing Services. Homes will be rehabilitated to meet current local code and Energy Star requirements and will be sold for no more than the cost of the purchase and rehabilitation. Down payment assistance will be provided by through Neighborhood Housing Services on an as needed basis.
Greccio Housing Unlimited, Inc. – Bentley Commons Acquisition and Rehabilitation Project
$2,050,000 in Neighborhood Stabilization Program (NSP) funds has been awarded for increasing the availability of affordable housing in Colorado Springs.
Greccio Housing Unlimited, Inc. (Greccio) received a NSP grant of $2,050,000 to purchase and rehabilitate the Bentley Commons located just southeast of the intersection of the Sand Creek and Hancock Expressway in Colorado Springs, Colorado. Greccio will partner with Partners In Housing (PIH) and Rocky Mountain Community Land Trust (RMCLT) to draw on specific expertise within each organization for various components of the long term use of the property.
The 24-unit bank-owned property was developed in 2006 and intended for sale as condominiums but was never occupied. All units are approximately 1,100 square feet with two bedrooms and two bathrooms. The site also includes a 2,000 square foot clubhouse and a swimming pool and hot tub (to be filled in to build a playground). Slightly more than half of the site remains vacant land and is expected to ultimately be developed into additional affordable housing when the market allows.
Greccio Housing Unlimited, Inc. – Citadel Arms Apartments Acquisition and Rehabilitation Project
$625,000 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Colorado Springs.
Greccio Housing Unlimited, Inc. received a NSP grant of $625,000 to purchase and rehabilitate the Citadel Arms Apartments located at 3631 Marion Drive Colorado Springs, Colorado 80904. In addition, HUD Supportive Housing funds will be used to assist with the acquisition of this twenty-one (21) unit apartment property with fifteen one bedroom and six two bedroom units. Ten (10) of the units will be used to assist chronically homeless households with housing and supportive services through HUD funded case management and the remaining units will be rented to those at 50% of area median income or less. Greccio will contract with the Pikes Peak Partnership for case management services for the chronically homeless households. Rehabilitation of the property includes extensive energy performance improvements and general unit upgrades (paint, carpet, etc.)
Douglas County Neighborhood Stabilization Program – Flats at Lincoln Station Acquisition Project
$2,632,438 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in Douglas County.
Douglas County was awarded $2,632,438 in Neighborhood Stabilization Program grant funds that will be provided to the Community Housing Development Association, Inc. (CHDA) to purchase a vacant, multi-family, transit-oriented development site located at the Lincoln Avenue light rail station in unincorporated Douglas County. The Community Housing Development Association, Inc. will act as the developer and owner for the proposed redevelopment use that includes the creation of approximately 89 multi-family rental housing units in mixed-use building(s) that target households at 30% to 120% of the area median income. Twenty percent of the units in this project will be set-aside for special needs households. Arapahoe/Douglas Mental Health Network (ADMHN) is partnering with CHDA to serve as the primary service provider for the special needs households.
City of Pueblo Neighborhood Stabilization Program Multi-family Acquisition and Rehabilitation Program
$1,865,743 in Neighborhood Stabilization (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Pueblo.
The City of Pueblo received a $1,865,743 NSP grant to assist in the purchase and rehabilitation of three (3) multi-family buildings in Pueblo, Colorado for use as permanent affordable rental housing for Veterans at 50% AMI or below (rent level set at 25% AMI). The properties are currently abandoned and vacant and are in need of extensive rehabilitation. The City of Pueblo will complete the acquisition and rehabilitation and then convey the ownership of this affordable rental project to Posada, Inc. Posada Inc. is a Community Housing Development Organization (CHDO) that currently owns and manages a number of affordable rental projects. In addition, Posada, Inc. will provide a range of services to these Veteran households including access to medical and dental assistance, mental health treatment, and job training programs.
Governor directs funding for development of the Douglas County Neighborhood Stabilization Program – Single-family Purchase and Resale Program
$1,075,222 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in Douglas County.
Douglas County received a $1,027,500 NSP grant to assist in the purchase and resale of an estimated twenty-five (25) homes foreclosed homes for households at 120% AMI and below. The properties are located in the area of greatest need block groups and will be purchased for an average discount of at least 1% from appraised value. Douglas County will subcontract the responsibility to manage and delivery this project to the Douglas County Housing Partnership (DCHP). The Douglas County Housing Partnership is a current provider of a HUD-approved home buyer counseling program and operates a home buyer assistance programs.
DCHP will utilize a variety of local professionals (appraisers, real estate agents, title companies, contractors) to complete this program. The program will use a shared equity model that provides up to 20% of the purchase price as a deferred second loan. A minimum of eight (8) hours of home buyer counseling will be provided to the potential home buyers through the DCHP.
Rocky Mountain Community Land Trust Foreclosed Home Purchase, Rehabilitate and Resale Program
$900,000 in Neighborhood Stabilization (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Colorado Springs.
Rocky Mountain Community Land Trust (RMCLT) received a NSP grant of $900,000 to purchase, rehabilitate and resell foreclosed homes in the identified block groups located in the City of Colorado Springs. These funds will be used to assist with the acquisition of a total of nine (9) properties that will be marketed through the existing RMCLT land trust homeownership model. Through the Community Land Trust model, the RMCLT acquires and permanently holds title to the land and grants use of the land investment to the homeowner via a 99-year land lease that can be renewed for an additional 99 years. The RMCLT connects with potential homebuyers through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and new homebuilders.
City of Pueblo Neighborhood Stabilization Program – Single-family Purchase, Rehabilitate and Resale Program
$1,041,234 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Pueblo.
The City of Pueblo received a $1,041,234 NSP grant to assist in the purchase and redevelopment of five (5) blighted homes for households at 120% AMI and below and the purchase (for use by Habitat for Humanity), rehabilitation and resale of three (3) homes for households at 120% AMI and below for a total of eight (8) homes. The properties are located in the area of greatest need census tracks and will be purchased for an average discount of at least 1% from appraised value. The City of Pueblo will directly operate this program and use a variety of local professionals (appraisers, real estate agents, title companies, contractors) to complete this program.
A minimum of eight (8) hours of home buyer counseling will be provided to the potential home buyers through Catholic Charities and Neighborhood Housing Services. Homes will be rehabilitated to meet current local code and Energy Star requirements and will be sold for no more than the cost of the purchase and rehabilitation. Down payment assistance will be provided by through Neighborhood Housing Services on an as needed basis.
Greccio Housing Unlimited, Inc. – Bentley Commons Acquisition and Rehabilitation Project
$2,050,000 in Neighborhood Stabilization Program (NSP) funds has been awarded for increasing the availability of affordable housing in Colorado Springs.
Greccio Housing Unlimited, Inc. (Greccio) received a NSP grant of $2,050,000 to purchase and rehabilitate the Bentley Commons located just southeast of the intersection of the Sand Creek and Hancock Expressway in Colorado Springs, Colorado. Greccio will partner with Partners In Housing (PIH) and Rocky Mountain Community Land Trust (RMCLT) to draw on specific expertise within each organization for various components of the long term use of the property.
The 24-unit bank-owned property was developed in 2006 and intended for sale as condominiums but was never occupied. All units are approximately 1,100 square feet with two bedrooms and two bathrooms. The site also includes a 2,000 square foot clubhouse and a swimming pool and hot tub (to be filled in to build a playground). Slightly more than half of the site remains vacant land and is expected to ultimately be developed into additional affordable housing when the market allows.
Greccio Housing Unlimited, Inc. – Citadel Arms Apartments Acquisition and Rehabilitation Project
$625,000 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in the City of Colorado Springs.
Greccio Housing Unlimited, Inc. received a NSP grant of $625,000 to purchase and rehabilitate the Citadel Arms Apartments located at 3631 Marion Drive Colorado Springs, Colorado 80904. In addition, HUD Supportive Housing funds will be used to assist with the acquisition of this twenty-one (21) unit apartment property with fifteen one bedroom and six two bedroom units. Ten (10) of the units will be used to assist chronically homeless households with housing and supportive services through HUD funded case management and the remaining units will be rented to those at 50% of area median income or less. Greccio will contract with the Pikes Peak Partnership for case management services for the chronically homeless households. Rehabilitation of the property includes extensive energy performance improvements and general unit upgrades (paint, carpet, etc.)
Douglas County Neighborhood Stabilization Program – Flats at Lincoln Station Acquisition Project
$2,632,438 in Neighborhood Stabilization Program (NSP) funds has been awarded to assist neighborhoods highly impacted by foreclosure in Douglas County.
Douglas County was awarded $2,632,438 in Neighborhood Stabilization Program grant funds that will be provided to the Community Housing Development Association, Inc. (CHDA) to purchase a vacant, multi-family, transit-oriented development site located at the Lincoln Avenue light rail station in unincorporated Douglas County. The Community Housing Development Association, Inc. will act as the developer and owner for the proposed redevelopment use that includes the creation of approximately 89 multi-family rental housing units in mixed-use building(s) that target households at 30% to 120% of the area median income. Twenty percent of the units in this project will be set-aside for special needs households. Arapahoe/Douglas Mental Health Network (ADMHN) is partnering with CHDA to serve as the primary service provider for the special needs households.
Recent projects funded in Southern Colorado
These were all originally announced in August 2009:
Alamosa County / San Luis Valley Housing Coalition – Housing Rehabilitation Program
$225,288 in CDBG funds has been awarded for increasing the availability of affordable housing in the San Luis Valley.
Alamosa County, on behalf of the San Luis Valley Housing Coalition, Inc. (SLVHC), was awarded a grant of $225,288 to support the SLVHC Housing Rehabilitation Program from October 2009 through September 2010. This program will administer twelve (12) housing rehabilitation projects and one (1) replacement homes in Alamosa, Conejos, Costilla, Saguache, Mineral Counties and the Cities of Monte Vista and Del Norte. The SLVHC markets to potential program participants through other community organizations, the local governments and the building departments.
Rocky Mountain Community Land Trust – El Paso County Scattered Site Acquisition
$137,250 in HOME funds has been awarded for increasing the availability of affordable housing in El Paso County.
Rocky Mountain Community Land Trust (RMCLT) received a grant of $137,250 to support their on-going scattered-site homeownership program in Colorado Springs and El Paso County from October 2009 through September 2010. These funds will be used to assist with the acquisition of nine (9) properties. Through the Community Land Trust model, the RMCLT acquires and holds title to the land permanently and grants to the homeowner use of the land investment via a 99-year land lease that can be renewed for an additional 99 years. The RMCLT connects with potential homebuyers through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and new homebuilders.
Huerfano County / South Central Council of Governments Housing Rehabilitation Program
$221,000 in CDBG funds has been awarded for increasing the availability of affordable housing in Huerfano and Las Animas Counties.
Huerfano County, on behalf of the South Central Council of Governments (SCCOG), was awarded a grant of $221,000 to continue the funding of their two-county (Huerfano and Las Animas) Single-Family, Owner-Occupied Rehabilitation Program. These grant funds will be used to provide low-interest loans for twenty (20) rehabilitation projects and two (2) essential repairs to households at 80% of the Area Median Income in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1987 and has completed the rehabilitation of over 412 homes.
Prowers County / Southeast Colorado Enterprise Development – Housing Rehabilitation Program
$105,207 in CDBG funds has been awarded for increasing the availability of affordable housing in Baca, Kiowa and Prowers Counties.
Prowers County, on behalf of the Southeast Colorado Enterprise Development (SECED), received a grant of $105,207 to continue the funding of their three-county (Baca, Kiowa, and Prowers) Single-Family, Owner-Occupied (SFOO) Rehabilitation Program. These grant funds will be used to provide a minimum of the following; low-interest loans for 18 rehabilitation projects and 4 emergency repairs in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1996 and has successfully completed the rehabilitation of over 250 homes.
Crowley County / Tri-County Housing and CDC – Single-Family Housing Rehabilitation Program
$372,196 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley and Otero counties.
Crowley County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), received a grant of $372,196 to continue the funding of their three-county (Bent, Crowley and Otero) Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less through November 2009. The new grant funds will be used to provide low-interest loans for 18 rehabilitation projects and 10 essential repairs. This SFOO Rehabilitation Program has received funding from the Colorado Division of Housing since 1991 and has completed the rehabilitation of over 400 owner-occupied homes.
Alamosa County / San Luis Valley Housing Coalition – Housing Rehabilitation Program
$225,288 in CDBG funds has been awarded for increasing the availability of affordable housing in the San Luis Valley.
Alamosa County, on behalf of the San Luis Valley Housing Coalition, Inc. (SLVHC), was awarded a grant of $225,288 to support the SLVHC Housing Rehabilitation Program from October 2009 through September 2010. This program will administer twelve (12) housing rehabilitation projects and one (1) replacement homes in Alamosa, Conejos, Costilla, Saguache, Mineral Counties and the Cities of Monte Vista and Del Norte. The SLVHC markets to potential program participants through other community organizations, the local governments and the building departments.
Rocky Mountain Community Land Trust – El Paso County Scattered Site Acquisition
$137,250 in HOME funds has been awarded for increasing the availability of affordable housing in El Paso County.
Rocky Mountain Community Land Trust (RMCLT) received a grant of $137,250 to support their on-going scattered-site homeownership program in Colorado Springs and El Paso County from October 2009 through September 2010. These funds will be used to assist with the acquisition of nine (9) properties. Through the Community Land Trust model, the RMCLT acquires and holds title to the land permanently and grants to the homeowner use of the land investment via a 99-year land lease that can be renewed for an additional 99 years. The RMCLT connects with potential homebuyers through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and new homebuilders.
Huerfano County / South Central Council of Governments Housing Rehabilitation Program
$221,000 in CDBG funds has been awarded for increasing the availability of affordable housing in Huerfano and Las Animas Counties.
Huerfano County, on behalf of the South Central Council of Governments (SCCOG), was awarded a grant of $221,000 to continue the funding of their two-county (Huerfano and Las Animas) Single-Family, Owner-Occupied Rehabilitation Program. These grant funds will be used to provide low-interest loans for twenty (20) rehabilitation projects and two (2) essential repairs to households at 80% of the Area Median Income in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1987 and has completed the rehabilitation of over 412 homes.
Prowers County / Southeast Colorado Enterprise Development – Housing Rehabilitation Program
$105,207 in CDBG funds has been awarded for increasing the availability of affordable housing in Baca, Kiowa and Prowers Counties.
Prowers County, on behalf of the Southeast Colorado Enterprise Development (SECED), received a grant of $105,207 to continue the funding of their three-county (Baca, Kiowa, and Prowers) Single-Family, Owner-Occupied (SFOO) Rehabilitation Program. These grant funds will be used to provide a minimum of the following; low-interest loans for 18 rehabilitation projects and 4 emergency repairs in these counties. This rehabilitation program has received funding from the Colorado Division of Housing since 1996 and has successfully completed the rehabilitation of over 250 homes.
Crowley County / Tri-County Housing and CDC – Single-Family Housing Rehabilitation Program
$372,196 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley and Otero counties.
Crowley County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), received a grant of $372,196 to continue the funding of their three-county (Bent, Crowley and Otero) Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less through November 2009. The new grant funds will be used to provide low-interest loans for 18 rehabilitation projects and 10 essential repairs. This SFOO Rehabilitation Program has received funding from the Colorado Division of Housing since 1991 and has completed the rehabilitation of over 400 owner-occupied homes.
More projects announced in August
Gilpin County Housing Needs Assessment
$52,460 in CDBG funds has been awarded for increasing the availability of affordable housing in Gilpin County.
Gilpin County received a CDBG grant of $52,460 to conduct a county-wide Housing Needs Assessment. This will be the first ever assessment done of the housing needs in Gilpin County. It will address the economic and demographic framework, housing inventory, housing market conditions, housing problems, special needs, housing gaps and estimated needs as outlined in the Colorado Division of Housing template, with an emphasis on lower income communities. A full written report will be provided to the CDOH that will cover primary data collection and interpretation as well as specific issues that the local community requested, especially regarding senior citizens.
Alamosa County / San Luis Valley Housing Coalition – Down Payment Assistance Program
$65,700 in CDBG funds has been awarded for increasing the availability of affordable housing in the San Luis Valley.
Alamosa County, on behalf of the San Luis Valley Housing Coalition, Inc. (SLVHC), received a grant of $65,700 to support the on-going
SLVHC, Inc. Down Payment Assistance Program from October 2009 through September 2010. This program will provide and administer nine (9) down payment assistance loans in Alamosa, Conejos, Costilla, Saguache, Mineral Counties and the Cities of Monte Vista and Del Norte. The SLVHC, Inc. markets to potential homebuyers through the real estate community, the local governments, and the local lending community and through public service announcements. The Colorado Rural Housing Development Corporation (CRHDC) supplies the first-time homebuyer counseling services for the San Luis Valley.
Renaissance Housing Development Corporation – Renaissance Uptown Loft Apartments
$750,000 in State Housing Development Grant (HDG) funds has been awarded for increasing the availability of affordable housing in Denver.
The Renaissance Housing Development Corporation (RHDC), a community housing development organization (CHDO) and development subsidiary of the Colorado Coalition for the Homeless (CCH), has received an award of $750,000 in Housing Development Grant funds for the new construction of the Renaissance Uptown Lofts, a 98 unit, mixed-income, transit oriented affordable housing development located at 517 East Colfax Avenue in Denver, Colorado. The project will integrate housing provided through the Denver Housing First Collaborative and other Colorado Coalition for the Homeless (CCH) service programs to meet a variety of community needs.
Crowley County / Tri-County Housing and CDC – Single-Family Housing Rehabilitation Program
$77,459 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley and Otero counties.
Crowley County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), received a grant of $77,459 to continue the funding of their three-county (Bent, Crowley and Otero) Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less through November 2009. The new grant funds will be used to provide low-interest loans for 5 rehabilitation projects and 3 essential repairs. This SFOO Rehabilitation Program has received funding from the Colorado Division of Housing since 1991 and has completed the rehabilitation of over 400 owner-occupied homes.
Otero County / Tri-County Housing and CDC – Housing Rehabilitation Program
$185,755 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley, and Otero Counties.
Otero County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), was awarded a grant of $185,755 to continue the funding of their three-county (Bent, Crowley and Otero) Self-Help, Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less. The new grant funds will be combined with other sources to provide low-interest loans for eight self-help rehabilitation projects. These grant funds are combined with Rural Develop low-interest mortgages to assist first-time buyers become home owners. All households must attend first-time homebuyer training and contribute at least 20 hours a week of labor. This self-help housing rehabilitation program has received funding from the Colorado Division of Housing since 2005 and has completed a total of 25 homes to date.
$52,460 in CDBG funds has been awarded for increasing the availability of affordable housing in Gilpin County.
Gilpin County received a CDBG grant of $52,460 to conduct a county-wide Housing Needs Assessment. This will be the first ever assessment done of the housing needs in Gilpin County. It will address the economic and demographic framework, housing inventory, housing market conditions, housing problems, special needs, housing gaps and estimated needs as outlined in the Colorado Division of Housing template, with an emphasis on lower income communities. A full written report will be provided to the CDOH that will cover primary data collection and interpretation as well as specific issues that the local community requested, especially regarding senior citizens.
Alamosa County / San Luis Valley Housing Coalition – Down Payment Assistance Program
$65,700 in CDBG funds has been awarded for increasing the availability of affordable housing in the San Luis Valley.
Alamosa County, on behalf of the San Luis Valley Housing Coalition, Inc. (SLVHC), received a grant of $65,700 to support the on-going
SLVHC, Inc. Down Payment Assistance Program from October 2009 through September 2010. This program will provide and administer nine (9) down payment assistance loans in Alamosa, Conejos, Costilla, Saguache, Mineral Counties and the Cities of Monte Vista and Del Norte. The SLVHC, Inc. markets to potential homebuyers through the real estate community, the local governments, and the local lending community and through public service announcements. The Colorado Rural Housing Development Corporation (CRHDC) supplies the first-time homebuyer counseling services for the San Luis Valley.
Renaissance Housing Development Corporation – Renaissance Uptown Loft Apartments
$750,000 in State Housing Development Grant (HDG) funds has been awarded for increasing the availability of affordable housing in Denver.
The Renaissance Housing Development Corporation (RHDC), a community housing development organization (CHDO) and development subsidiary of the Colorado Coalition for the Homeless (CCH), has received an award of $750,000 in Housing Development Grant funds for the new construction of the Renaissance Uptown Lofts, a 98 unit, mixed-income, transit oriented affordable housing development located at 517 East Colfax Avenue in Denver, Colorado. The project will integrate housing provided through the Denver Housing First Collaborative and other Colorado Coalition for the Homeless (CCH) service programs to meet a variety of community needs.
Crowley County / Tri-County Housing and CDC – Single-Family Housing Rehabilitation Program
$77,459 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley and Otero counties.
Crowley County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), received a grant of $77,459 to continue the funding of their three-county (Bent, Crowley and Otero) Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less through November 2009. The new grant funds will be used to provide low-interest loans for 5 rehabilitation projects and 3 essential repairs. This SFOO Rehabilitation Program has received funding from the Colorado Division of Housing since 1991 and has completed the rehabilitation of over 400 owner-occupied homes.
Otero County / Tri-County Housing and CDC – Housing Rehabilitation Program
$185,755 in CDBG funds has been awarded for increasing the availability of affordable housing in Bent, Crowley, and Otero Counties.
Otero County, on behalf of the Tri-County Housing and Community Development Organization (TCHCDC), was awarded a grant of $185,755 to continue the funding of their three-county (Bent, Crowley and Otero) Self-Help, Single-family, Owner-Occupied Rehabilitation Program for households at 80% of Area Median Income or less. The new grant funds will be combined with other sources to provide low-interest loans for eight self-help rehabilitation projects. These grant funds are combined with Rural Develop low-interest mortgages to assist first-time buyers become home owners. All households must attend first-time homebuyer training and contribute at least 20 hours a week of labor. This self-help housing rehabilitation program has received funding from the Colorado Division of Housing since 2005 and has completed a total of 25 homes to date.
“Reverse Mortgages: Are They for You?”
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a consumer advisory to help consumers better understand reverse mortgages. Reverse mortgages generally are available to consumers who are 62 or older, and can be used to supplement retirement income or meet health care or other financial needs.
The information developed for consumers discusses basic facts about reverse mortgages, which are complex, home-secured loans. Under a reverse mortgage, a consumer receives payments from the lender – either over time or all at once – based on the value of the home at the time of the loan. As the consumer receives payments, and interest and fees accrue, these amounts are added to the loan balance. The advisory also reviews the costs and benefits of reverse mortgages.
In addition, the OCC’s consumer advisory provides basic “rules of thumb” for consumers who are considering a reverse mortgage -- the advisory urges consumers to (1) investigate other alternatives in addition to reverse mortgages, (2) remember that reverse mortgages generally make more sense the longer the consumer remains in the home, and (3) be wary of anyone trying to sell other products along with a reverse mortgage.
The OCC urges consumers to consult with a qualified, independent housing counselor before entering into a reverse mortgage, and explains how consumers may obtain additional information about reverse mortgages.
“Reverse Mortgages: Are They for You?” is available on the OCC’s website, www.occ.gov.
The information developed for consumers discusses basic facts about reverse mortgages, which are complex, home-secured loans. Under a reverse mortgage, a consumer receives payments from the lender – either over time or all at once – based on the value of the home at the time of the loan. As the consumer receives payments, and interest and fees accrue, these amounts are added to the loan balance. The advisory also reviews the costs and benefits of reverse mortgages.
In addition, the OCC’s consumer advisory provides basic “rules of thumb” for consumers who are considering a reverse mortgage -- the advisory urges consumers to (1) investigate other alternatives in addition to reverse mortgages, (2) remember that reverse mortgages generally make more sense the longer the consumer remains in the home, and (3) be wary of anyone trying to sell other products along with a reverse mortgage.
The OCC urges consumers to consult with a qualified, independent housing counselor before entering into a reverse mortgage, and explains how consumers may obtain additional information about reverse mortgages.
“Reverse Mortgages: Are They for You?” is available on the OCC’s website, www.occ.gov.
Friday, September 25, 2009
New report on Colo. Metro areas from Bureau of Economic Analysis
Here are selections form the release (the bold emphasis is mine):
The statistics of GDP by metropolitan area in current and real (chained) dollars are available from the Regional Economic Accounts page of the BEA Web site at http://www.bea.gov/regional/index.htm.
ECONOMIC SLOWDOWN WIDESPREAD IN 2008
New statistics released today by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread: 60 percent of metropolitan areas saw economic growth slow down or reverse. Real GDP growth slowed in 220 of the nation's 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas.
In contrast, growth accelerated in 146 metropolitan areas, most notably in areas where natural resources and mining industries are concentrated such as Casper, WY and Grand Junction, CO. Grand Junction had the fastest real GDP growth (12.3 percent) of any metropolitan area in 2008 due largely to growth in natural resources and mining. The professional and business services industry group also showed strong growth in 2008, contributing the most to real GDP growth in 112 metropolitan areas.
The statistics of GDP by metropolitan area in current and real (chained) dollars are available from the Regional Economic Accounts page of the BEA Web site at http://www.bea.gov/regional/index.htm.
Friday, September 11, 2009
Monthly data indicates no sizable dip in foreclosure activity
I put together some monthly foreclosure data to provide some early insights on what the third quarter will look like for foreclosures. July was a very active month, although numbers fell in August. The third quarter looks to be on a par generally with the last 10 quarters or so.
John Rebchook reports on it here. I'll have a more full write-up available next week.
-R McMaken
See Rebchook's piece.
John Rebchook reports on it here. I'll have a more full write-up available next week.
-R McMaken
See Rebchook's piece.
Friday, September 4, 2009
Vacancies in “affordable” rental housing rises to 6.4 percent
Click here for the report.
Vacancies in “affordable” rental housing rises to 6.4 percent
Statewide vacancies in subsidized and rent-restricted housing rose to 6.4 percent during the second quarter, according to a report released today by the Colorado Department of Local Affairs’ Division of Housing. Second-quarter vacancies fell from the first quarter rate of 7.4 percent, and are up from a rate of 6.1 percent reported during the second quarter of last year.
According to the report, the areas with the lowest vacancies were Grand Junction and Arapahoe County which reported vacancy rates of 3.2 percent and 3.7 percent respectively. The areas with the highest vacancy rates were Colorado Springs and Jefferson County which reported vacancy rates of 7.6 percent and 11.7 percent respectively.
In general, a vacancy rate of 5 percent is considered the “equilibrium” rate by industry experts.
Each quarter, the Colorado Division of Housing also releases a “market-rate” vacancy survey that does not include subsidized and deed-restricted units. Second-quarter market-rate data showed a statewide vacancy rate of 9.1 percent.
“It is often helpful to look at the differences between the market-rate vacancies and the affordable vacancies,” said Gordon Von Stroh, Professor of Business at the University of Denver, and the report author. “The market-rate units and the affordable units should not be attracting the same households.”
The Colorado Division of Housing monitors vacancies in subsidized and rent-restricted units on a quarterly basis. The report is available online at: http://dola.colorado.gov/cdh
Vacancies in “affordable” rental housing rises to 6.4 percent
Statewide vacancies in subsidized and rent-restricted housing rose to 6.4 percent during the second quarter, according to a report released today by the Colorado Department of Local Affairs’ Division of Housing. Second-quarter vacancies fell from the first quarter rate of 7.4 percent, and are up from a rate of 6.1 percent reported during the second quarter of last year.
According to the report, the areas with the lowest vacancies were Grand Junction and Arapahoe County which reported vacancy rates of 3.2 percent and 3.7 percent respectively. The areas with the highest vacancy rates were Colorado Springs and Jefferson County which reported vacancy rates of 7.6 percent and 11.7 percent respectively.
In general, a vacancy rate of 5 percent is considered the “equilibrium” rate by industry experts.
Each quarter, the Colorado Division of Housing also releases a “market-rate” vacancy survey that does not include subsidized and deed-restricted units. Second-quarter market-rate data showed a statewide vacancy rate of 9.1 percent.
“It is often helpful to look at the differences between the market-rate vacancies and the affordable vacancies,” said Gordon Von Stroh, Professor of Business at the University of Denver, and the report author. “The market-rate units and the affordable units should not be attracting the same households.”
The Colorado Division of Housing monitors vacancies in subsidized and rent-restricted units on a quarterly basis. The report is available online at: http://dola.colorado.gov/cdh
Recently added Vacancy Rate graphs
In this graph, metro Denver average rents are broken out by county. Several counties show recent declines in average rents.
In this slide, Metro Denver vacancies are broken out. Only Douglas County shows a decline in vacancies in the last year.
This chart shows growth in average rents over the past 3 years. Note that in most areas, rent growth has been quite modest.
In this graph, note the difference between the market-rate vacancies and the vacancies in deed-restricted housing. The 30% AMI units have the lowest vacancies.
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