Colorado Economic Recovery and Accountability

Press Release - $44M ARRA for Communities with Foreclosures

OFFICE OF GOV. BILL RITTER, JR.
WWW.COLORADO.GOV/GOVERNOR 

 

FOR IMMEDIATE RELEASE

THURSDAY, JAN. 14, 2010

CONTACTS:

Myung Oak Kim, 303-947-5708, Myung.kim@state.co.us
Linda Rice, 303-358-6035, linda.rice@state.co.us

 

GOV. RITTER ANNOUNCES $44 MILLION IN RECOVERY ACT FUNDS FOR COMMUNITIES AFFECTED BY FORECLOSURE

Gov. Bill Ritter today announced that $44.4 million in funds from the American Recovery and Reinvestment Act will be used to spur economic growth in neighborhoods most affected by foreclosure in Denver, the San Luis Valley, southern Colorado and Adams County.
 

“The Recovery Act is helping to transform neighborhoods most hurt by foreclosure into stable communities with a brighter economic future,” Gov. Ritter said. “These local efforts play an important role in Colorado’s economic recovery.”
 
The two grants were among almost 60 announced today by the U.S. Department of Housing and Urban Development. The $2 billion in grants are part of HUD’s Neighborhood Stabilization Program, which is designed to purchase or rehabilitate blighted or foreclosed homes and create new housing opportunities, especially in low-income and minority communities. The Colorado grants are:

·         $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. The grant will be administered by several Colorado agencies, including the Colorado Rural Housing Development Corporation and Del Norte/NEWSED CDC and the Northeast Denver Housing Center. 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 neighborhoods in Denver.

·         $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 along transit routes. The funds will also be used for workforce training and assistance, developing small business opportunities and green job creation.

“These dollars will make a significant, meaningful difference for communities struggling with the impacts of foreclosure. We’re proud of how our partnerships at the local, state and federal levels helped bring these much-needed funds to Colorado,” said Susan Kirkpatrick, executive director of the Colorado Department of Local Affairs.

At least $5.7 billion in Recovery Act funds are expected to come to Colorado over the next two years. More information about the Recovery Act and its impact on Colorado can be found at www.colorado.gov/recovery.