Colorado Economic Recovery and Accountability

Housing

HOUSING


 

The Recovery Act provides a range of funding programs to build affordable housing, prevent neighborhood blight and help low-income families weatherize their homes.

 

Tax Credit Assistance Program and Tax Credit Exchange Program:
Colorado will receive $45.1 million in competitive funds for help with local housing needs.

The Tax Credit Assistance Program (TCAP) provides grant funding for capital investment in Low Income Housing Tax Credit projects. The Department of Housing and Urban Development (HUD) has federal oversight of the program. These funds will provide financing for gaps caused by the collapse of the tax credit equity market, to help stalled development projects and to stimulate economic activity and job creation. Priority is given to projects that are expected to be completed by February 2012. All funds must be expended by the recipients by February 2012. As of April 2010, 16 organizations working on housing projects in Fort Collins, Denver, Boulder, Lakewood, Westminster and Golden had been awarded funds. Denver Gardens, a 100-unit housing complex for low-income seniors, was the first applicant to receive an award for rehabilitation of the units.  Contact: Colorado Housing Finance Authority, Tasha Weaver, Manager Tax Credit Allocation, 303-297-7429; tweaver@chfainfo.com

 

The Tax Credit Exchange Program (TCEP) allows state housing credit agencies the option of exchanging eligible portions of the state’s housing credit ceiling for cash grants. The Colorado Housing and Finance Authority (CHFA) applied to HUD in May 2009 for these funds. Grants can then be used by the agency to make sub-awards to qualified projects, including the construction or acquisition and rehabilitation of qualified low income buildings. As of April 2010, eight projects in Cortez, Rifle, Denver, Loveland and Silver Cliff were awarded funds. Contact: Colorado Housing Finance Authority, Tasha Weaver, 303-297-7429, tweaver@chfainfo.com

 

Neighborhood Stabilization Program:
Colorado has been awarded $44.4 million in grants to stabilize housing values and properties in neighborhoods heavily impacted by foreclosure. This will be done by purchasing and rehabilitating or demolishing foreclosed and vacant homes and then turning them into affordable housing. The awards were:

  • $23,433,236 to Chicanos Por La Causa Inc.: This grant application was coordinated by the Phoenix-based organization Chicanos Por La Causa Inc. on behalf of local organizations in cities across the country. Several Colorado agencies, including the Colorado Rural Housing Development Corporation and Del Norte/NEWSED CDC and the Northeast Denver Housing Center, will administer the grant. The rural housing agency will use the funds to serve Thornton, Westminster, Conejos County, Costilla County, Alamosa, Saguache, Hayden, Walsenburg, Monte Vista, and Del Norte in southern Colorado. The other agencies will serve Denver neighborhoods.
  • $18,994,444 to the City and County of Denver Office of Economic Development: Denver will focus on efforts to revitalize 12 neighborhoods of the city, including Montbello, Northeast Park Hill and West Colfax, to create affordable housing. The funds will also be used for workforce training and assistance, developing small business opportunities and green job creation.

Contact: Lynn Shine, Department of Local Affairs, 303-866-2046, lynn.shine@state.co.us; Martha DiBella, HUD, 303-672-5414, Martha.a.dibella@hud.gov.

 

Homelessness Prevention:
In July 2009, the federal government awarded $8.2 million in competitive grants to Colorado to re-house families that fall into homelessness, or prevent them from becoming homeless. These grants will be administered by the state Department of Local Affairs. Five percent of the funds have been designated for administration. Colorado Springs, Aurora, Pueblo, Adams County, and Denver have also received $7.3 million in direct allocations from HUD. Local Affairs awarded the Colorado Coalition for the Homeless $5,036,663 for management of program funds in the Metropolitan Denver area, which has the highest prevalence of homelessness in state. The coalition will also use $2,182,664 to provide services for the 56 counties outside of metro Denver and El Paso County. The City of Colorado Springs has been awarded $795,668 for management of HPRP funds in Colorado Springs and El Paso County. All funds must be spent by Sept. 30, 2011.  Contact: Lynn Shine, 303-866-2046, lynn.shine@state.co.us; Martha Dibella, HUD, 303-672-5414, Martha.a.dibella@hud.gov

 

Community Development Block Grants:
The U.S. Department of Housing and Urban Development has approved $10.1 million in grants to 17 city and county governments in Colorado for community development work in low and moderate income areas. The funds are intended to help local governments implement projects in public facilities, economic development and housing. The Colorado Department of Local Affairs awarded $2.8 million to three small, rural governments for public facilities upgrades.  Bent County will receive $415,000 to expand an existing medical clinic located in the city of Las Animas. The Town of Boone will receive $1,295,000 to upgrade and improve the town's wastewater treatment facility. The Town of Red Cliff will receive $1,336,228 to replace its wastewater treatment plant. The three projects are expected to create 42 construction jobs. Contact: Becky Murray, 303-866-2818; becky.murray@state.co.us

 

Public Housing Capital Fund:
Colorado’s 43 public housing agencies received $16,949,529 from the Public Housing Capital Fund formula grant awards.  These funds can be used for developing, financing, or modernizing public housing or for improving management or the physical condition of housing units.  There also is a separate competitive grant for addressing the needs of the elderly and/or persons with disabilities, public housing transformation, gap financing for stalled projects, and creating energy efficient, green communities.  Colorado housing agencies have received $28.8 million. For more information: www.hud.gov/recovery

 

Rental Assistance:
Colorado expects to receive $35.5 million to enhance benefits through the Project Based Rental Assistance program (Section 8, 202 and 811 housing). This money would provide full-year payments to 152 existing landlords in the program so that the low-income residents can stay in those homes longer.
Contact: Linda Cluck, HUD, 303-672-5412, linda.y.cluck@hud.gov

 

Rural Housing Programs:
The Single Family Direct and Single Family Guaranteed Housing Programs provide 100% financing to individuals in rural areas for the purchase of a home. Direct Loans are available for very low-income (below 50% of area median income), and low-income (between 50 & 80% of area median income) households. The USDA Rural Development Agency will distribute $8.2 million in direct loans and guarantee $81.4 million in competitive loans in Colorado.

 

Rural Community Facilities Program:
Colorado expects to receive grants and loan guarantees for the construction and development of essential community services in rural areas. Grants are available to local government, non-profit organizations and federally recognized tribes that are unable to obtain needed funding from financial institutions at reasonable rates and terms. Eligible projects include hospitals, health clinics, health and safety vehicles and equipment, public safety vehicles, child and elder care facilities in rural areas. More than $1 billion is designated nationwide for the loans and $61 million for grants. A $380,000 loan was given to Courage to Change Ranch addiction rehabilitation center in El Paso County. In February 2010, the USDA awarded five grants: $72,910 to the Costilla County Senior Citizens Center for equipment, $32,439 to the Town of Mountain Village for equipment for daycare facility, $25,000 to Bent County for improvements to a nursing home, $12,650 to Lincoln County for emergency power equipment and $42,778 to Sedgwick County for emergency warning sirens. Contact: www.rurdev.usda.gov/

 

Native American Housing:
The Native American Housing Grant Program is designed to assist Native American tribes improve and expand their housing supply, promote energy efficiency and create jobs. The U.S. Department of Housing and Urban Development has awarded a combined $1.1 million in grants to the Southern Ute and Ute Mountain Tribes.