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Allocation of HB 08-1402 funds

Allocation of HB 08-1402 funds. Colorado Division of Housing. HB 08-1402. Includes requirement that mortgage companies send out notices containing the following information Contact information for “loss mitigation” offices at the mortgage company.

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Allocation of HB 08-1402 funds

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

  2. HB 08-1402 • Includes requirement that mortgage companies send out notices containing the following information • Contact information for “loss mitigation” offices at the mortgage company. • The number for the Colorado Foreclosure Hotline

  3. HB 08-1402 • Made an allocation of $100,000 to the Colorado Division of Housing. • 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.”

  4. The selection process • 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, 2008. • The Division received nine applications from the following locations: • Denver, Boulder County, Larimer County, Weld County, Adams County, El Paso County

  5. Selection Process • Proposals were selected based on the following criteria: • Evidence of the ability to use funds effectively. • 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 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 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 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.

  6. Selection Process • 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 Colorado • ACORN • Adams County Housing Authority • Del Norte • Boulder County Housing Authority

  7. Final grants made • 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) • Boulder Housing Authority $17,000 (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)

  8. Final grants made • Geographical areas covered by agencies awarded funds • Adams County Housing Authority will cover the following areas: northeast Denver, northern Aurora, Adams County • Boulder 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. • DelNorte will target west Denver Latino and Hispanic households throughout the Denver metro area.

  9. Additional notes • All grantee agencies share the following characteristics: • Are HUD-approved 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 demonstrated significant experience with housing counseling and with affordable housing projects and development.

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

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