(DENVER) - The Colorado Housing and Finance Authority (CHFA) and 13 housing counseling agencies have been awarded an $889,254 grant from the NeighborWorks America’s National Foreclosure Mitigation Counseling (NFMC) Program to continue their work making housing counseling available to Colorado homeowners at risk of foreclosure. Since 2008, NeighborWorks America has awarded CHFA and its partners over $6.3 million through the NFMC program. These funds have helped over 13,000 Colorado households receive free, HUD-approved counseling from agencies located across the state. CHFA serves as the fiscal intermediary for the grant award; reimbursing the 13 sub-grantees for their work with grant proceeds as counseling sessions are completed.
CHFA’s Executive Director and CEO, Cris White said, “Throughout the foreclosure crisis, HUD-approved housing counseling has remained the best resource for homeowners at risk of foreclosure.” White continued, “While new foreclosure filings have declined, there still remains a significant number of Coloradans who need assistance.”
In December 2011, the Urban Institute released an evaluation of the NFMC program’s effect on loan performance through 2010 which found that counseled homeowners were at least 67 percent more likely to remain current on their mortgage nine months after receiving a loan modification, compared to homeowners who do not receive such counseling. In addition, homeowners who obtained a mortgage modification through the NFMC Program counseling saved an average of $176 per month, or more than $2,100 annually.
CHFA’s HUD-approved housing counseling sub-grantees included in the award are:
· Adams County Housing Authority
· Boulder County Housing Authority
· Brothers Redevelopment, Inc.
· City of Aurora
· Colorado Housing Assistance Corporation
· Douglas County Housing Partnership
· Grand Junction Housing Authority
· Housing Solutions for the Southwest
· NeighborWorks of Pueblo
· Northeast Denver Housing
· Southwest Improvement County
· Upper Arkansas Area Council of Governments