Presentation is loading. Please wait.

Presentation is loading. Please wait.

Allocation of HB 08-1402 funds Colorado Division of Housing.

Similar presentations


Presentation on theme: "Allocation of HB 08-1402 funds Colorado Division of Housing."— Presentation transcript:

1

2 Allocation of HB funds Colorado Division of Housing

3 HB Includes requirement that mortgage companies send out notices containing the following information Includes requirement that mortgage companies send out notices containing the following information Contact information for “loss mitigation” offices at the mortgage company.Contact information for “loss mitigation” offices at the mortgage company. The number for the Colorado Foreclosure HotlineThe number for the Colorado Foreclosure Hotline

4 HB Made an allocation of $100,000 to the Colorado Division of Housing. Made an allocation of $100,000 to the Colorado Division of Housing. The Division may grants the funds The Division may grants the funds “to any local housing authority, public nonprofit corporation, or private nonprofit corporation for the sole purpose of providing outreach and notice of foreclosure prevention assistance.”“to any local housing authority, public nonprofit corporation, or private nonprofit corporation for the sole purpose of providing outreach and notice of foreclosure prevention assistance.”

5 The selection process The Division employed the normal process of issuing requests for proposals and accepting applications. The Division employed the normal process of issuing requests for proposals and accepting applications. The Division publicly issued a Request for Proposals on August 15, The Division publicly issued a Request for Proposals on August 15, The Division received nine applications from the following locations: The Division received nine applications from the following locations: Denver, Boulder County, Larimer County, Weld County, Adams County, El Paso County Denver, Boulder County, Larimer County, Weld County, Adams County, El Paso County

6 Selection Process Proposals were selected based on the following criteria: Proposals were selected based on the following criteria: Evidence of the ability to use funds effectively.Evidence of the ability to use funds effectively. A demonstrated ability to reach borrowers from communities with high foreclosure rates.A demonstrated ability to reach borrowers from communities with high foreclosure rates. An established presence in the community, especially in low- and moderate-income areas with high foreclosure rates.An established presence in the community, especially in low- and moderate-income areas with high foreclosure rates. An ability to provide reporting on successes in targeted areas.An ability to provide reporting on successes in targeted areas. An ability to partner with the Colorado Foreclosure Hotline’s network of housing counseling agencies.An ability to partner with the Colorado Foreclosure Hotline’s network of housing counseling agencies. An understanding of foreclosure counseling and the foreclosure process.An understanding of foreclosure counseling and the foreclosure process. A program that increases the number of housing counseling sessions executed by the housing counselors located in Colorado and affiliated with the Colorado Foreclosure Hotline.A program that increases the number of housing counseling sessions executed by the housing counselors located in Colorado and affiliated with the Colorado Foreclosure Hotline. A strategy that targets the areas most impacted by foreclosures.A strategy that targets the areas most impacted by foreclosures. An ability to provide the Division of Housing with materials necessary to provide an update on the use of grant funds prior to January 1, 2009.An ability to provide the Division of Housing with materials necessary to provide an update on the use of grant funds prior to January 1, 2009.

7 Selection Process Staff passed on five applications to the Colorado State Housing Board based on how applications scored on selection criteria. Staff passed on five applications to the Colorado State Housing Board based on how applications scored on selection criteria. Consumer Credit Counseling Services of Northern ColoradoConsumer Credit Counseling Services of Northern Colorado ACORNACORN Adams County Housing AuthorityAdams County Housing Authority Del NorteDel Norte Boulder County Housing AuthorityBoulder County Housing Authority

8 Final grants made The Colorado State Housing Board selected the following amounts be awarded to the following applicants: The Colorado State Housing Board selected the following amounts be awarded to the following applicants: Adams County Housing Authority $45,000 (original request was for $100,000)Adams County Housing Authority $45,000 (original request was for $100,000) Boulder Housing Authority $17,000 (original request was for $23,000)Boulder Housing Authority $17,000 (original request was for $23,000) Consumer Credit Counseling Service $23,000 (original request was for $23,000)Consumer Credit Counseling Service $23,000 (original request was for $23,000) Del Norte: $15,000 (original request was for $10,000)Del Norte: $15,000 (original request was for $10,000)

9 Final grants made Geographical areas covered by agencies awarded funds Geographical areas covered by agencies awarded funds Adams County Housing Authority will cover the following areas: northeast Denver, northern Aurora, Adams CountyAdams County Housing Authority will cover the following areas: northeast Denver, northern Aurora, Adams County Boulder County Housing Authority will focus on the Longmont areaBoulder County Housing Authority will focus on the Longmont area CCCS of Northern Colorado will focus on Weld County but will also provide services in Larimer County.CCCS of Northern Colorado will focus on Weld County but will also provide services in Larimer County. DelNorte will target west Denver Latino and Hispanic households throughout the Denver metro area.DelNorte will target west Denver Latino and Hispanic households throughout the Denver metro area.

10 Additional notes All grantee agencies share the following characteristics: All grantee agencies share the following characteristics: Are HUD-approved housing counseling agencies.Are HUD-approved housing counseling agencies. Are members of the Colorado Foreclosure hotline network of housing counseling agencies.Are members of the Colorado Foreclosure hotline network of housing counseling agencies. All agencies serve areas with high foreclosure rates.All agencies serve areas with high foreclosure rates. All agencies demonstrated significant experience with housing counseling and with affordable housing projects and development.All agencies demonstrated significant experience with housing counseling and with affordable housing projects and development.

11 Colorado Division of Housing Dola.colorado.gov/cdh


Download ppt "Allocation of HB 08-1402 funds Colorado Division of Housing."

Similar presentations


Ads by Google