Foreclosure redevelopment funds available for multi-family affordable housing projects
Denver Office of Economic Development now accepting applications for Neighborhood Stabilization Program 2 projects

The Denver Office of Economic Development announces the availability of $12,095,000 in foreclosure redevelopment funds to affordable housing developers. OED is now accepting loan applications for the redevelopment of foreclosed multi-family properties in Denver through the Neighborhood Stabilization Program 2 (NSP2).

Projects must include five units or more, under single ownership, and be located in one of the following NSP2 eligible neighborhoods: Montbello, Green Valley Ranch, Northeast Park Hill, Elyria Swansea, Cole, Clayton, Chaffee Park, Globeville, Sunnyside, West Colfax, Villa Park and Westwood. Projects in additional neighborhoods may be eligible on a case-by-case basis.

OED has a number of priorities for determining funding eligibility, which include:

• Projects that will house residents at 50% of the area median income or below;
• Transit-oriented developments;
• Projects that are ready to proceed (property under contract, or acquisition negotiations underway); and
• Projects that leverage additional funding from other sources.

Additional eligibility criteria is included in the funding application.

Information and application materials are available online at Applications will be accepted until August 31, 2010, or when all funding has been obligated (whichever comes first). For more information, contact Melissa Stirdivant at or 720-913-1541.

The federally-funded Neighborhood Stabilization Program is enabling Denver to acquire, redevelop and resell foreclosed properties that might otherwise become sources of abandonment and blight. Denver has received approximately $19 million in NSP2 funding, which complements $9.6 million in NSP funding that was awarded to the City in 2009.

The Denver Office of Economic Development is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce.

Posted on Tuesday, June 08, 2010 (Archive on Monday, January 01, 0001)
Posted by kpellegrin  Contributed by kpellegrin