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.