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Springs moves ahead despite House vote to kill Neighborhood Stabilization Program

Wed, Mar 23, 2011

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The U.S. House might have voted to kill the third round of funding for the Neighborhood Stabilization Program last week, but the Colorado Division of Housing is moving ahead on the program in case the bill doesn’t pass the Senate or is vetoed by the President.

The Neighborhood Stabilization Program provides funding to cities for purchases of foreclosed and abandoned properties for the purpose of rehabilitating them into affordable housing. Colorado Springs has already invested the $3.9 million it received from the first round of funding, and the city is slated to receive another $1.4 million from the program’s final round of funding later this year.

Assuming the $1.4 million grant is not rescinded, the Colorado Division of Housing has requested proposals for redevelopment projects in Colorado Springs.

Greccio got a little kickstart in the process this week – the Department of Local Affairs awarded the non-profit $23,500 to conduct due diligence for the acquisition and rehabilitation of multi-family rental units in Colorado Springs.

Applications can be found here, and are due by Friday, May 20.

As I reported last week, Greccio Housing and the Pikes Peak United Way are working with the Colorado Springs Housing Development Division to scout abandoned houses and apartment buildings where the money might be put to good use.

Greccio was the beneficiary of the first round of funding, and used it to purchase and renovate the Bentley Commons condominiums. The condos were built in 2005 but were abandoned by the developer and never occupied. Greccio has since transformed the units a 100-percent occupied affordable housing complex for low income tenants.

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