October 19, 2004
COLORADO HOUSING AGENCIES GET $104,000 FOR HELPING NEARLY 80 FAMILIES BECOME NEW HOMEOWNERS IN STATE
HUD Official Gives Five Agencies Special Recognition
DENVER - Thanks to five Colorado housing agencies' participation in a Department of Housing and Urban Development homeownership program, 79 families in the state of Colorado are new homeowners. HUD Assistant Secretary Michael Liu recognized the agencies today and presented them with a total of $104,000 in funding to help continue their success.
"These agencies are exemplary in its implementation of a program of that truly changes lives," said Liu. "It has shown that with drive and perseverance, the dream of homeownership can become a reality for low-income families."
Liu, who heads up HUD's Office of Public and Indian Housing, gave special recognition to the agencies for their efforts in using the Housing Choice Voucher Homeownership (HCVH) program that allowed these families to achieve the American Dream. At a press conference at the Colorado State Capitol rotunda today, Liu recognized the following agencies:
- Colorado Department of Human Services received $56,000 for having 51 families purchase homes.
- Pueblo Housing Authority received $17,000 for having 12 families purchase homes.
- Colorado Department of Housing received $14,000 for having nine families purchase homes.
- Boulder County Housing Authority received $9,000 for having four families purchase homes.
In a separate announcement, Liu will join Senator Wayne Allard at the City building in Fort Collins to give the Fort Collins Housing Authority $8,000 for having three families purchase homes using the HCVH program.
Liu presented the housing agencies the funding as an incentive to continue their good work with the HCVH program. To encourage the housing authorities that participate in this program, each housing authority is provided a $5,000 bonus for participation and $1,000 per home closing in their region. This financial incentive from HUD will be used for administrative costs incurred by the program and to continue to promote homeownership to other residents.
Nationally, the HCVH program has helped more than 2,200 families nationwide become homeowners since it began as a pilot at 15 PHAs in the late 1990s. It was rolled out nationwide in 2001 and now more than 350 PHAs administer local programs.
The HCVH program is a component of the Housing Choice Voucher program, formerly known as Section 8. It is designed to promote and support first-time homebuyers. Under this initiative, PHAs make monthly homeownership assistance payments to help first-time homeowners with monthly expenses, instead of making monthly payments on behalf of families to assist with rent. Monthly expenses include the principal and interest on the mortgage debt, real estate taxes and insurance, and the PHA established allowances for utilities, routine maintenance, and major repairs and replacements.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.
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