Leading home buyer education agencies receive funding to help keep Coloradans in their homes
Colorado U.S. Senator Michael Bennet congratulated two housing agencies in Colorado for winning almost $400,000 in competitive grants from the U.S. Department of Housing and Urban Development (HUD). The Colorado Housing and Finance Authority (CHFA) was awarded a $372,528 Housing Counseling Grant and the Northeast Denver Housing Center won a $19,643 grant.
Housing counseling agencies support fair housing opportunities by helping borrowers review loan documentation and avoid mortgage scams or unreasonably high rental agreements that can lead to foreclosure, debt or default.
“Although the housing market is recovering, many Coloradans are still feeling the sting of the housing crash and recession. Organizations like this can help families avoid getting into bad loans or landing in situations that may lead to foreclosure,” said Bennet. “They are stabilizing communities, supporting small business owners, ensuring that people have access to affordable housing, and helping families stay in the their homes.”
CHFA started in 1973 and provides loans to low and moderate income homebuyers, affordable multifamily rental housing developers, and small businesses to help finance the places people live and work. They serve as a grant intermediary, reimbursing their homebuyer education partners for counseling Coloradans about affordable housing options and foreclosure prevention.
“CHFA believes a well-informed homebuyer becomes a successful homeowner,” CHFA Executive Cris White said. “This grant will help us sponsor homebuyer education classes across the state. These classes provide budgeting basics, information about the home buying process, and tips on understanding the loan documents and industry-jargon that can oftentimes be confusing and overwhelming for buyers.”
Northeast Denver Housing Center is a non-profit founded in 1982 that works in connection with HUD, local government, and the private sector to provide underserved areas with Comprehensive Housing Counseling. This counseling consists of homebuyer education, foreclosure prevention, and reverse mortgage counseling. Northeast Denver Housing Center also develops real estate to provide affordable housing options, economic development and healthy living.
“We are thankful to HUD for their continued support and funding for the Comprehensive Housing Counseling Program,” said Getabecha Mekonnen, Executive Director, of Northeast Denver Housing Center.
A recent study conducted by HUD on the impact of HUD-approved housing counseling centers found that counseling significantly improves the likelihood that homeowners stay in their homes.
HUD announced more than $40 million in housing counseling grants to 334 national, regional, and local organizations giving more than 1.6 million families a greater chance of finding housing, making informed housing choices or staying in their homes.