Colorado to receive Fed Funds to help stabilize neighborhoods

Finally!  some "bailout" type money coming to Colorado...

Colorado will receive $34 million from the U.S. Department of Housing and Urban Development to deal with the effects of foreclosures and declining home values, under a plan approved Monday by HUD Secretary Steve Preston. The funding is coming from HUD's national $4 billion Neighborhood Stabilization Program, which provides emergency assistance to specific neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight. "It is critical that we work closely with state and local governments to put this money to work as quickly as possible," Preston said in a statement. "Stabilizing neighborhoods is what this program is all about. HUD will continue to work closely with the state of Colorado to make certain these funds are targeted to neighborhoods with the greatest needs."

Rob Kelly

www.RobKellyColorado.com

www.DenverForeclosureTour.com

Twitter:@RobKellyCo