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Allocation of


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									                            Allocation of
                          HB 08-1402 funds
                        Colorado Division o f Housing
                                       HB 08-1402
   Includes requirement that mortgage companies
    send out notices containing the following
    informatio n
    • Contact i nformation for “loss mi ti gati on” offi ces at the
      mortgage company.
    • The number for the Colorado Forecl osure Hotline

   Made an allocation of $100,000 to the Colorado
    Division of Housing.
   The Division may grants the funds
    • “to any local housi ng authori ty, publi c nonprofi t
      corporati on, or pri vate nonprofi t corporation for the sol e
      purpose of provi ding outreach and noti ce of forecl osure
      prevention assi stance.”

                           The selection process
   The Di vi sion empl oyed the normal process of i ssuing
    requests for proposal s and accepti ng appli cations.
   The Di vi sion publi cl y issued a Request for Proposal s on
    August 15, 2008.
   The Di vi sion recei ved nine appli cations from the followi ng
           Denver, Boul der County, Lari mer County, Wel d County, Adams County, El
            Paso County

   Proposals were selected based on the following cri teri a:

    • Evidence of the ability to use funds effe ctively.
    • A demon strated abil ity to rea ch borr owers from commun ities with high foreclosure rate s.
    • An establi shed pre sen ce in the community, e speci ally in low- and moderate -income are as with high
      fore clo sure rate s.
    • An ability to provide reporting on su ccesse s in targeted a rea s.
    • An ability to partne r with the Col orad o Forecl osu re Hotline’ s netwo rk of h ousing coun seling
      agencie s.
    • An understanding of fore closu re counseling and the fore cl osu re proce ss.
    • A progra m that increa se s the numbe r of hou sing counseling se ssion s exe cuted by the housing
      coun sel ors located in Colo rado a nd affiliated with the Col orado For ecl osure Hotline .
    • A strategy that target s the are as mo st impa cted by fore closu res.
    • An ability to provide the Div isi on of Hou sing with mate rial s necessa ry to provide an update on the
      use of gra nt funds prior to Janua ry 1, 2009.

   Staff passed on fi ve appli cati ons to the Col orado State
    Housi ng Board based on how appli cati ons scored on
    sel ection cri teri a.
    •   Consume r Credit Counseling Services of Northern Colorado
    •   ACORN
    •   Adams County Housing Authori ty
    •   Del Norte
    •   Boulder County Housing Authority

                                Final grants made
   The Colorado State Housing Board sel ected the followi ng
    amounts be awarded to the following appli cants:
    • Adams County Housing Authori ty $45,000 (o riginal request was
      for $100,000)
    • Boulder Housing Authority $17,0 00 (original request wa s for
      $23, 000)
    • Consume r Credit Counseling Service $23,000 (origin al request
      was for $23,00 0)
    • Del Norte: $15,0 00 (original request wa s for $10,0 00)

   Geographi cal areas covered by agenci es awarded funds
    • Adams County Housing Authori ty will cover the following are as:
      northeast Denver, northern Aurora, Adams County
    • Boulder County Housing Authority wil l focus on the Long mon t
    • CCCS of Northern Colorado will focus on Weld County but will also
      provide services in Larimer County.
    • DelNorte will ta rget west Denver Latin o and Hispanic househ olds
      throughout the Denver metro area.

                                   Additional notes
   All grantee agenci es share the followi ng characteri sti cs:
    • Are HUD-approved housing coun seling agencies.
    • Are members of the Colorado Foreclosure hot line network of
      housing coun seling agencies.
• All agencies serve areas with high foreclosure rate s.
• All agencies demonstrated significant experience with hou sin g
  counseling and with affordable housing project s and development.

             Colorado Division o f Housing


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