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COLORADO DIVISION OF HOUSINGC O L O R A D O D E P A R T M E N T O F L O C A L A F F A I R S

F R I D A Y , M A R C H 1 1 , 2 0 1 1

Housing News Digest, March 11

House Committee Votes To Terminate HAMP

The House Financial Services Committee has voted 32-23 to shut down the Home Affordable

Modification Program (HAMP). Rep. Patrick McHenry, R-N.C., who authored H.R.839 (the HAMP

Termination Act), condemned the program for never reaching its intended goals.

The committee also voted to halt funding for the Neighborhood Stabilization Program (NSP) by

approving H.R.861, the NSP Termination Act, introduced by Rep. Gary Miller, R-Calif. President

Obama has stated that he would veto both bills if they were to pass both houses of Congress.

Luxury market: Prices up, sales down

Luxury home prices in the Denver area rose in February, but sales were down from February 2010 and

from January, show two reports released today.

Although the reports, by independent broker Gary Bauer and Coldwell Banker Residential, showed

slightly different numbers, they illustrated the same trend.

Energy park is proposed

Proposed by Loveland-based Harrison Resource Corp. and Niobrara Energy Park LLC, the planned

635-acre park could be a massive fossil fuels and renewable energy research, production and services

hub feeding off the rapidly expanding Niobrara oil play and the solar and wind-power projects

occurring throughout Larimer and Weld counties.

Colorado State University's College of Business Offers 'Housing Colorado's Future'

Designed to offer insights into the market of building, selling and financing residential real estate in

Colorado, real estate experts will offer key information setting the stage for the states housing future.

Highlights of the session:

Residential Survey Results will provide a detailed look at the market in Colorado based on statewide

surveys. Led by Steve Laposa of the Everitt Real Estate Center. The survey is supported by the Colorado

Association of Realtors, the Colorado Home Builder Association and the Colorado Mortgage Lenders

Association.

Lawmakers Demand Answers from Treasury on Proposed Settlement

More backlash from the 27-page proposed servicer settlement developed on Wednesday when five

representatives from the House Financial Services Committee voiced their disapproval and concern in

a letter to Treasury Secretary Timothy Geithner.

POSTED BY RYAN MCMAKEN AT 8:00 AM 0 COMMENTS LINKS TO THIS POST

LABELS: NEWS DIGEST

T H U R S D A Y , M A R C H 1 0 , 2 0 1 1

Home sales transactions down, home prices stable in Metro Denver

The Colorado Association of REALTORS has recently posted statewide data for January on home sales

transactions and median prices for single-family homes.

J O I N T H E D I V I S I O N O FH O U S I N G ' S U P D A T E S A N D

A N N O U N C E M E N T S L I S T .

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T W I T T E R U P D A T E S

Today's housing news digest now

up - energy park proposed, House

votes to terminate HAMP -

http://tinyurl.com/4jacny71 day

ago

Our latest analysis of home sales

data in metro Denver -

http://tinyurl.com/4nc2ayo2 days

ago

March 10 Housing News Digest -

new Delta project, unemployment

up, more on Wolf Creek deal -

http://tinyurl.com/4d8nond2

days ago

Gov Hickenlooper appoints State

Housing Board members -

http://tinyurl.com/45ffnth2 days

ago

Latest Colorado employment data -

now down 222K jobs since peak -

http://tinyurl.com/4f5mpqb2

days ago

Housing News Digest, Mar 8 - Villa

Asst Living to be razed,

Foreclosure settlement, more -

http://tinyurl.com/4sv2bw83

days ago

Page 1 of 14Colorado Division of Housing

3/12/2011http://divisionofhousing.blogspot.com/


2/14

We'll begin by looking at the latest numbers for the Metro Denver area.

According to CAR's data, the median single-family home price in metro Denver was up 5 percent in

January, compared to January 2010, increasing from $212,072 to $222,677. The first graph, below,

provides a little context for this price. We can see that prices have recovered somewhat from the trough

reached in late 2008 and early 2009. Just prior to the financial panic, the median price was generally

in the range of 230K to 250K, but during the last 24 months, the price has more typically ranged from

$210K to $230.

The graph also shows the year-over-year change in single-family home prices. We can see that over the

past nine months, the price has been quite stable, generally showing a year-over-year monthly increase

of 3 to 5 percent, with the exception of December 2010, when prices declined slightly, year-over-year.

This suggests general stability in the market.

However, we need to consider this price data

in light of the single-family home price data

provided by Case-Shiller (see here) and

FHFA (see here) for the metro Denver area.

In both the Case-Shiller and the FHFA data,

home prices have been decreasing, year-over-

year in metro Denver by about 1 percent to

2.5 percent in recent months. The CAR data

does not take into account appraisals and does not use the double-transaction method used by FHFA

and Case-Shiller, so the data will have some differences. So, it is unlikely that prices in Denver are

actually increasing overall by 3 to 5 percent in year-over-year comparisons, but the CAR data does

provide additional evidence for the contention that prices in the region are generally stable.

The second and third chart shows trends in single-family purchase activity. The number of single-

family purchases has a cyclical pattern, so month-to-month comparisons aren't terribly useful.

Comparing year-over-year, January's transactions total was down 4.5 percent from January 2010,

suggesting some continued weakness in the market following the end of the homebuyer tax credit.

Nevertheless, as we can see in the third

graph, January's 4.5 percent decline is a bit

of an improvement (from the seller's

perspective) compared to the second half of

2010, when monthly year-over-year declines

were often down by 20 percent or more.

Seven of the last eight months showed a

decline in single-family home sales

transactions when compared to the previous year.

The decline in transactions would suggest

that a decline in home sales prices would

follow. We see this in the first graph which

shows that the median home price has fallen,

month-to-month since June. Some of this is

undoubtedly due to seasonal factors,

however.

New state employment data to be

released Thursday, Mar 10 -

http://tinyurl.com/4fdjjmo3 days

ago

Gov. Hickenlooper appoints county

Public Trustees -

http://tinyurl.com/4q5xsf64 days

ago

Housing News Digest, March 8 -

Foreclosure Settlement Near, Big

Industrial Deal in Springs,

MORE -

http://tinyurl.com/49np4yz4 days

ago

What's the difference between

median rents and average rents?

Find out here -

http://tinyurl.com/4hemz9w4

days ago

follow me on Twitter

L I N K S

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2011 (62)

March (24)

Housing News Digest, March

11Home sales transactions down,

home prices stable i...

Employment situation worsens

in Colorado

Housing News Digest, March

10

Gov. Hickenlooper appoints

State Housing Board mem...




3/14

Check back for more information on Northern Colorado, the Pikes Peak region and

more.


LABELS: CAR , HOME PRICES, HOME SALES

Employment situation worsens in ColoradoAs noted this morning by the Denver Business Journal, "Colorado jobless rate tops nation's."

After staying below the national unemployment rate through the recession, Colorado rose above

the national jobless rate in January, according to state data released Thursday.

The Colorado unemployment rate stood at 9.1 percent in January, over the national rate of 9

percent for that month, the Colorado Department of Labor and Employment reported.

The stats above reflect a seasonally adjusted number for employment. Below, I use the non-seasonally-

adjusted numbers, since the state's Department of Labor and Employment onlyprovides the

unadjusted data at the regional level. So, in order to make comparisons at the more local level in

Colorado, I stick to the unadjusted data. Since we're using unadjusted data, we need to stick to year-over-year comparisons.

The employment situation worsened in Colorado in January. The unemployment rate rose from 9.5

percent in January 2010 to 9.9 percent in January 2011. The first Chart shows that unemployment rate

in recent years. According to the state's data, the unemployment rate spiked in January 2010 as well,

but January's 2011 spike is higher.

In the second chart, we see total employment plotted with the total labor force for each month since

2007.

What is driving the recent acceleration in the unemployment rate is the fact that the total labor force

has increased, while total employment has continued to deteriorate. During 2009, the labor force fell

with total employment, keeping the unemployment rate down somewhat. However, in recent months,

the labor force has flattened out while total employment has continued to fall.

During January 2011, there were 30,800 fewer jobs than there were during January 2010. There were

23,000 fewer people in the labor force during Janaury 2011 than was the case during January 2010.

Since the labor-market peak was reached during July 2008, total employment is now down 222,000

obs, while the total labor force is now down 94,000 people.

Housing news digest, March 9

Upcoming data releases:

Employment and

Foreclosure...

Gov. Hickenlooper appoints

county Public Trustees

New ways to receive real-time

updates from the Div...


Analysis: Average rents vs.

median rents

4th Q 2010 Vacancies and

Rents: Focus on Metro

Den...

Neighborhood Stabilization

Program Open House

FHA COMMISSIONER

STEVENS TO MEET

COLORADO REALTORS...News Digest, March 7

Colo. Housing Assistance

Corp. awarded $234,000

Rocky Mountain Community

Land trust awarded

$91,50...

LaPlata County Homes Fund

awarded $381,770

San Juan County awarded

$296,710

Habitat for Humanity awarded

$770,000

Beige Book: Real estate activity

remained sluggish...

February Foreclosure Report

Foreclosure Deferment

Program Extended to 2014

Request for proposals:

Emergency Shelter Grants

February(27)

January(11)

2010 (204)

2009 (160)

2008 (12)




4/14

In the third graph, I've shown the year-over-year percentage change in total employment. In every

month since September 2008, the change has been negative, meaning that for the last 27 months, each

month's employment total has been lower than the same month one year earlier. In January 2011, total

employment was 1.2 percent lower than during January 2010.

[All these graphs are for Colorado statewide.]

Clearly, this will have an impact on affordability of rental units as incomes continue to be squeezed by a

lack of demand in the labor markets. This will put downward pressure on rents, although it may not be

enough to keep rents down given the declines in rental vacancies in recent quarters. See here for more.

This will also continue to impact the demand for purchase housing as household incomes are squeezed

and as many potential home buyers continue to worry about job security, thereby causing some buyers

to put off buying a home.

Check back with this site for additional regional analyses for: Northern Colorado, Colorado Springs and

other regions.

POSTED BY DIVIS ION OF HOUSING AT 8:42 AM 0 COMMENTS LINKS TO THIS POST

LABELS: COLORADO , EMPLOYMENT , JANUARY 2011, STATEWIDE , UNEMPLOYMENT


Ground broken on farmworker housing project in North Delta

After unsuccessfully pursuing a change in zoning for a farm worker housing project, Colorado Rural

Housing Development has shifted its focus to North Delta. Ground has been broken on a parcel of land

south of Mesa Rentals on the east side of Highway 50.

Because that parcel was already zoned B-2, no further review was required for the multi-unit housing

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Colorado Division of HousingToday's housing news digestnow up - energy park proposed,House votes to terminate HAMP- http://tinyurl.com/4jacny7

Yesterday at 8:01am viaTwitter

Colorado Division of HousingOur latest analysis of home salesdata in metro Denver -http://tinyurl.com/4nc2ayo

Thursday at 11:46am viaTwitter

Colorado Division of HousingMarch 10 Housing News Digest -new Delta project,unemployment up, more on WolfCreek deal -http://tinyurl.com/4d8nond

Facebook social plugin




5/14

project.

Welcome to the Home Improvement and Remodeling Expo

Welcome to the 2011 Home Improvement & Remodeling Expo. On behalf of the Housing and Building

Association of Northwestern Colorado, it is my pleasure to present to you the 36 annual Home

Improvement & Remodeling Expo.

Deal with Village at Wolf Creek would gain hill along Highway 160proposed land exchange between the Village at Wolf Creek and the Forest Service cleared its first

crucial hurdle Tuesday when the Forest Service announced it will study whether the plan is a good idea.

The proposed deal would swap private land in a meadow near the base of Wolf Creek Ski Area for a

Forest Service hillside next to U.S. Highway 160. The hillside would become the site of a ski resort that

has been controversial since original plans were announced more than 20 years ago.

Market rolls along without tax credits

The Denver-area resale housing market , without the help of last springs federal tax credits,

experienced a 16.3 percent drop in under contracts in February from February 2010, shows a report

released today.

The drop was widely anticipated and is a trend expected to continue for the first part of the year, as the

federal government is no longer providing up a an $8,000 dollar-for-dollar write off for qualified

buyers, as it did in the first four months of 2010.


LABELS: NEW PROJECTS, NEWS DIGEST

Gov. Hickenlooper appoints State Housing Board members

DENVER - Wednesday, March 9, 2011 - Gov. John Hickenlooper announced today appointments to the

State Housing Board.

The State Housing Board works to establish uniform construction and maintenance standards for

hotels, motels, multiple dwellings and factory-built housing. The Board also develops for submittal to

the General Assembly and units of local government recommendations for uniform housing standards

and building codes.

The appointments are dependent upon Senate confirmation. The members appointed are:

Eugene R. Lucero, Denver (D), term to expire 01-31-15

James A. Coil, Grand Junction (D), term to expire on 01-31-15

POSTED BY DIVIS ION OF HOUSING AT 7:59 AM LINKS TO THIS POST

LABELS: ANNOUNCEMENTS , STATE HOUSING BOARD

W E D N E S D A Y , M A R C H 9 , 2 0 1 1

Housing news digest, March 9

Tribune Opinion: Developer to tear down Villa, build apartments for students, faculty

We were cheered by the news that the former Villa Assisted Living at 1750 6th Ave. will become an

apartment complex aimed at housing University of Northern Colorado students and faculty.

The complex, which had originally been constructed for student housing, will be razed by Central

Street Capital of Denver, which purchased the complex in November at auction. Central Street Capital

is responsible for remodeling the old Regency Hotel off I-25 near downtown Denver and converting it

to student housing for Denvers urban college campuses.




6/14

Property auctions gain ground

With the Northern Colorado real estate and housing market recovering from the recession, some

portfolio owners have opted to take a more unorthodox method to selling properties - auctions.

Details of Servicer Settlement Surface, Resolution Still A Long Way Away

The settlement terms prompted by robo-signing investigations and presented to servicers by

government agencies and attorneys general last week feature 27 pages of rules and regulations for thehandling of loans on owner occupied primary residences.

Real estate conference covers a lot of ground

More than 1,000 people, from all over the Colorado, attended the two-hour presentation at the PPA

Convention and Event Center next to Invesco Field on Thursday evening. The event was sponsored by

Coldwell Banker Residential Brokerage and the keynote speakers were Gov. John Hickenlooper and

Denver Mayor Bill Vidal. In addition, a panel of experts addressed just about every aspect of real estate

and economic development, from mortgage rates to new home building.


LABELS: NEW DEVELOPMENT, NEWS DIGEST

T U E S D A Y , M A R C H 8 , 2 0 1 1

Upcoming data releases: Employment and Foreclosures

After a long wait, it looks like new employment numbers for January will be released for states and

regions on Thursday, March 10th. December's data is still the most recent data available.

Check back here on the housing blog on Thursday and Friday for regional analysis and commentary on

what the latest numbers mean for housing.

Also:

I'll be releasing the February foreclosure report for Colorado's metro counties on Tuesday, March 15.

The full report, plus analysis, will be available here throughout the week.

Old reports - http://dola.colorado.gov/cdh/researchers/index.htm#foreclosure

POSTED BY RYAN MCMAKEN AT 4:07 PM 0 COMMENTS LINKS TO THIS POST

LABELS: ECONOMICS , EMPLOYMENT , FORECLOSURES

Gov. Hickenlooper appoints county Public Trustees

Gov. Hickenlooper appoints county Public Trustees

Friday, March 4, 2011 Gov. John Hickenlooper announced today the appointments of Public

Trustees in various Colorado counties.

Public Trustees handle public transactions and foreclosures on real estate properties. The position is a

four-year appointment. The Public Trustees appointed are:

Adams County: Carol A. Snyder from Thornton term ends 02-01-15

Arapahoe County: Ana Maria Peters-Ruddick from Aurora terms ends 02-01-15

Boulder County: Richard G. Gebhardt from Boulder term ends 02-01-15

Douglas County: Thomas S. Mowle from Colorado Springs term ends 03-28-11 (Mowle is the interim

Trustee for the county; a new Trustee will be appointed at the end of the month.)

El Paso County: Thomas S. Mowle from Colorado Springs terms ends 02-01-15

Jefferson County: Margaret Taylor Chapman from Golden terms ends 02-01-15

Larimer County: Deborah Ann Morgan from LaPorte term ends 02-01-15

Mesa County: Paul Brown from Whitewater terms ends on 02-01-15




7/14

Pueblo County: Nicholas A. Gradisar from Pueblo terms ends on 02-01-11

Weld County: Susie Velasquez-Jojola from Greeley terms ends 02-01-15


LABELS: COLORADO , FORECLOSURES , PUBLIC TRUSTEES

New ways to receive real-time updates from the Division of Housing

Since 2007, the Division of Housing has offered two email lists: A daily news digest list, and

an "update" list that was sent out approximately once or twice a week.

Last Friday was the last day for the news digest emails, and the news digests will now be posted at the

Division of Housing blog.

Emailed updates will now be sent out from the Division of Housing only once or twice per week,

depending on the volume of new content at our web site. To subscribe to the email list, go here, or use

the link in the top-right of the blog's main page.

For those of you who want to see new reports and announcements as they become available, we now

provide several ways to receive real-time updates (including the Housing News Digest) from the

Division of Housing:

1. Visit the Blog - as you may have noticed, we're adding more content every day at the Housing Blog

with new economics reports, announcements, grants information and more.

2. Join us on Facebook- Through Facebook, we offer a real-time news feed which will show up on

your personal news feed when you join. Click on the "like" button here to access the news feed. You can

also access the news feed by sending a friend request to the Blogmaster here.

3. Subscribe to the RSS feed - for those of you who use RSS feeds, you can receive real-time

updates from us bysubscribing here.

4. Follow us on Twitter - We offer the same newsfeed offered through Facebook on Twitter as well.

See our Twitter feed here.


LABELS: FACEBOOK , RS S , SOCIAL MED IA, TWITTER


Foreclose Deal Near, State Officials Say

WASHINGTON A broad agreement could be struck within two months to overhaul how millions of

foreclosures are handled by the nations biggest banks and to expand the use of home loan

modifications, according to Tom Miller, the attorney general of Iowa.

CoreLogic: 11.1 Million U.S. Properties with Negative Equity in Q4

CoreLogic ... today released negative equity data showing that 11.1 million, or 23.1 percent, of all

residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2010,

up from 10.8 million, or 22.5 percent, in the third quarter.

Big industrial deal in Springs

Midnight Sun Capital LLC, in a venture with two Native American Alaskan investment groups, paid

$11.175 million for a T-Mobile call center in Colorado Springs, the largest industrial building

transaction so far this year in the Pikes Peak region.


LABELS: BUYS AND SELLS, INDUSTRIAL REAL ESTATE , NEWS DIGEST




8/14

M O N D A Y , M A R C H 7 , 2 0 1 1

Analysis: Average rents vs. median rents

In recent press releases announcing the release of new vacancy and rent data, I've begun to emphasize

median rents over average rents. This is not because there is somethingwrong with average rents. I've

begun to emphasize median rents because median rents are less influenced by large changes in rent

levels in a small number of units.

For example, if, say, 50 new luxury units become newly available in a medium-sized market, the influx

of new high-priced units will drive up average rent levels more than median rent levels. Although

average rents would perhaps increase noticeably in such a case, the change would not necessarily

reflect a market-wide change in rent levels. Or, if a small number of highly-desirable units raised rents

considerably, this could also move the average rent up even if the larger marketplace could not bear

any significant increases in rents.

So, compared to median rents, average prices are more prone to be skewed by movements in a small

number of units.

Nevertheless, when speaking about general trends, it is often safe to use either average rents or medianrents since the two numbers tend to track fairly closely together.

In the first graph, I've plotted metro Denver median rents and average rents together. This is from a

sample size of 108,000 units. Note that median rents are lower than average rents. Apart from this,

however, the movements in average rents and median rents are quite similar.

[Note: With rents, it would be an unusual situation for the median to be above the average. Since rents

can't be negative, the average rent is far more likely to be skewed upward than downward. For

example, rent can only dip so far below a median rent of $800 before it hits $0. On the other hand,

rent can rise above the median rent level by thousands of dollars. Consequently, it is much easier for a

small number of outlying rents to skew average rents up rather than down.]

The second graph shows us that median rents and average rents also track closely together when we

look at year-over-year changes in rent levels. The graph shows the percentage change in median rents

and average rents for each quarter when compared to the same quarter the previous year. I've added

the vacancy rate for each quarter to provide some context.

The changes in median rents and average rents tend to be nearly identical during many periods.




9/14

Theoretically, the average rent would increase more than the median rent during periods in which A-

level properties are experiencing large increases, but rental units overall are not able to push rents. Or,

there could be a case in which a large amount of new construction would push average rents up more

than median rents since new units tend to be more expensive than older units.

It is interesting to see in the graph that during recessionary periods (2002-2003 and 2008-2009),

median rents drop more than average rents in the year-over-year comparisons. This may be because

higher-rent units are more insulated from the effects of recessions than are median-priced and lower-

priced units. So, on the graph, the difference between the median-rent change and the average-rentchange may represent a situation in which rents are dropping inmost units, but a small number of

high-priced units are able to maintain their rent levels even in a recessionary period. This could

prevent the average rent from dropping as much as the median rent.

In a market the size of Denver, however, there are not many periods in which changes in average rents

are heavily skewed from the median rent level.

There are other situations in which average rents could be skewed in relation to median rents. Please

feel free to offer observations on this issue in the comments section.


LABELS: MULTIFAMILY HOUSING, RENT LEVELS, RENTAL HOUSING, VACANCY SURVEYS

4th Q 2010 Vacancies and Rents: Focus on Metro Denver

From an owner/landlord perspective, the metro Denver area is one of the strongest markets in

Colorado for multifamily rentals. As we noted in the press release for metro Denver vacancies on

January 26:

The apartment vacancy rate in the Denver metro area fell to 5.5 percent in the fourth quarter,

dropping to the lowest fourth-quarter vacancy rate recorded since the year 2000...Apartment

vacancy rates fell 28 percent year-over-year from last years fourth-quarter rate of 7.7 percent

...

As vacancy rates moved down, the areas median rent increased. 2010s fourth-quarter median

rent rose to $846.36 from 2009s fourth-quarter median rent of $811.32. In individual market

areas, the median rent rose year-over-year in all County-level regions covered by the survey.

Vacancy rates in the metro Denver are generally now at 10-year lows as the market has tightened in

spite of a lack of job growth.

The first graph shows where the Denver area stands in relation to other metro areas in Colorado.

Although Greeley's vacancy rate recently fell below metro Denver's rate, over the past several quarters,

only the Fort Collins-Loveland area has consistently reported a lower vacancy rate than metro Denver:




10/14

The second graph shows the year-over-year percentage changes in the vacancy rate in metro Denver.

Note that the last five values are below zero. In other words, for the last five quarters in a row, the

vacancy rate in metro Denver has been lower than it was one year earlier. It was apparently not

unusual to have a negative year-over-year change in the vacancy rate between 2003 and 2007, it is

significant that the year over year changes during the last four quarters have all been down by 20

percent or more. The magnitude of these year-over-year changes in vacancy rates has not been seen on

a metro-wide level at any other time during the last ten years.

In the third graph, we see that year-over-year changes in average rent in the Denver metro area have

been trending upward. The last three quarters have all shown positive changes of more than three

percent each quarter. Again, there isn't anything terribly unique about three quarters in a row of year-

over-year increases in average rents, but what is unusual here is the extent to which rents have

increased when compared to the previous year. With a change upward of more than three percent each

quarter, three quarters in a row, changes in average rents are now beginning to resemble trends not

experienced in Colorado since 2001, which in Colorado, was before the 2002 tech bust that followed

the 2001 national recession.




11/14

Conclusions: Trends in vacancies and in average rents in metro Denver indicate a high demand for

multifamily rental housing that has not been seen since prior to the 2002 Colorado recession. If trends

continue, especially given the absence of new construction, the metro Denver area will experience

additional increases in rent levels as vacancy rates tighten further.

Note: We've covered the Colorado Springs for the 4th Q here:

http://divisionofhousing.blogspot.com/2011/01/some-analysis-of-recent-vacancy-and.html


LABELS: METRO DENVER, RENT LEVELS, VACANCY SURVEYS

Neighborhood Stabilization Program Open House

Announcement from Pillar Properties:

Please come join us to view our renovated homes purchased through the Jefferson

County Neighborhood Stabilization Program (NSP). See one or see them all! Each home

will be hosted by a Pillar staff person or one of our partners.

Click on flyer to enlarge:

POSTED BY DIVIS ION OF HOUSING AT 1:32 PM 0 COMMENTS LINKS TO THIS POST

LABELS: JEFFERSON COUNTY, NS P, P ILLAR PROPERTIES

FHA COMMISSIONER STEVENS TO MEET COLORADO

REALTORS/MORTGAGE INDUSTRY

(DENVER) - U.S Housing and Urban Development Federal Housing Commissioner David H. Stevens

will travel to Denver, Colo., on Tuesday, March 8, 2011, to meet with and address two housing industry

professional groups. FHA Commissioner Stevens will first participate in the Colorado EconomicHousing Summit/Realtor Rally at the Colorado Convention Center at 9:30 a.m. Then, he speaks at the

Colorado Association of Mortgage Professionals Quarterly Meeting at the Pepsi Center at 11:30 a.m.

FHA Commissioner Stevens will address each group to discuss new and updated FHA policies and

trends affecting them and the single family and multi-family housing industry.

Remarks followed by Media Availability :

WHO: David H. Stevens,




12/14

Assistant Secretary for Housing and

Commissioner of the Federal Housing Administration

WHAT: FHA Policy Remarks followed by interviews

WHEN: Tuesday, March 8, 2011

WHERE:

1. Colorado Economic Housing Summit/Realtor Rally

Colorado Convention Center 9:30AM

One level down, go to the Korbel Ballroom Foyer---enter at the back of the Four Seasons Ballroom

700 14th Street

Denver, CO 80202

2. Colorado Association of Mortgage Professionals Quarterly Meeting

Pepsi Center 11:30AM

Club Level-Ridgeline Room

1000 Chopper Circle

Denver, CO 80204

For more information, contact Jane Goin at (303) 672-5440 or [email protected].


LABELS: ANNOUNCEMENTS , HU D

News Digest, March 7

Aussies join international rush to snap up luxury homes in Aspen, Colorado

"I have a long list of Australian friends who are coming to visit," she says. If recent activity is anything

to go by, those friends, encouraged by a favourable exchange rate, will also be tempted to put down

some roots.

Co-op responsibilities may be too high for some students

While many students yearn for their independence and flee the dorms for their own space, others --

like University of Colorado junior Daniel Daenen -- seek community and companionship in Boulder's

co-op housing.

Colorado tax break intended for struggling farmers enriches developers, investors


LABELS: NEWS DIGEST

F R I D A Y , M A R C H 4 , 2 0 1 1

Colo. Housing Assistance Corp. awarded $234,000

The Department of Local Affairs has announced that $234,000.00 in HOME Investment Partnerships

Program (HOME) funds has been awarded to Statewide County for the following project:

Colorado Housing Assistance Corporation (CHAC) is awarded a grant of $234,000 on behalf of the

Downpayment Assistance (DPA) program of the Homeownership Education and Real Estate

Opportunity (HERO) Alliance. CHAC operates this program for the HERO Alliance, a statewide

collaboration of funding sources and service providers who make homeownership possible for persons

with disabilities. Homeowners receive housing counseling and DPA in order to secure low-interest




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mortgages from Rural Development, CHFA, and conventional banks. This grant would assist 24

persons with disabilities who are at or below 80% AMI with about $8,500 of downpayment assistance

(not to exceed $10,000). Funds are loaned at 1.5% for 30 years and payments are deferred until first

mortgage is repaid.


LABELS: CHAC , DOWNPAYMENT ASSISTANCE , HOME FUNDS

Rocky Mountain Community Land trust awarded $91,500 for El Paso

County


Program (HOME) funds has been awarded to El Paso County for the following project:

Rocky Mountain Community Land Trust (RMCLT) is awarded a grant in the amount of $91,500 to

continue their Downpayment Assistance (DPA) program. These funds will be used to assist with the

acquisition of six (6) properties. Through the Community Land Trust model, RMCLT acquires and

holds title to the land permanently while the homebuyer purchases the house. The homebuyer then

pays the mortgage on the home to the bank and pays a monthly ground lease on the land to RMCLT. In

addition, RMCLT staff provides on-going assistance to their home owners on issue including

budgeting, personal finance, and home maintenance. The RMCLT connects with potential homebuyers

through the Realtor community, the City of Colorado Springs acquisition/rehabilitation program, and

new homebuilders. DOH Funds provide homebuyers with approximately $12,750 of downpayment

assistance of the purchase price to first-time homebuyers who work in El Paso County.


LABELS: AWARDS, COLORADO SPRINGS, EL PASO COUNTY, HOME FUNDS, ROCKY MOUNTAIN COMMUNITY

LAND TRUST

LaPlata County Homes Fund awarded $381,770

The Department of Local Affairs has announced that $381,770 in HOME Program funds has been

awarded to La Plata County for the following project:

La Plata County Homes fund is a Community Development Financial Institution (CDFI) created by the

La Plata County Regional Housing Alliance (RHA), a multijurisdictional housing authority that has

received DOH funding for down payment assistance loans in the past. The Homes Fund was awarded a

grant for $381,770, of which $350,000 will fund new loans, $26,039 project administration, and

$5,731 will fund program administration (agency overhead). The program will provide at least 15 down

payment assistance loans to homebuyers at or below 80% AMI. Funding from other sources will

provide loans to buyers over 80% and less than 150% AMI. Repayment of loans, all secured by second

deeds of trust, will range from fully amortizing loans to equity sharing, depending on the needs of the

client and the circumstances of the transactions.


LABELS: AWARDS, CDFI , HOME FUNDS, LA PLATA COUNTY

San Juan County awarded $296,710

The Department of Local Affairs has announced that $296,710.00 in Community Development Block

Grant (CDBG) funds has been awarded to San Juan County for the following project:

San Juan County, on behalf of Housing Solutions for the Southwest, was awarded a grant of $ to

support their ongoing Housing Rehabilitation Program for the coming year 2010/2011. This program

will provide and administer twelve housing rehabilitation loans and two emergency repairs, as well as a

rental unit in a pilot rental-rehab project.




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LABELS: AWARDS, CDBG, SAN JUAN COUNTY

T H U R S D A Y , M A R C H 3 , 2 0 1 1

Habitat for Humanity awarded $770,000


Program (HOME) funds has been awarded for the following project:

Habitat for Humanity of Colorado will receive a grant of $770,000 to help local affiliates acquire lots,

develop infrastructure, and/or build 70 single-family homes affordable to households earning 25% to

50% of the Area Median Income. The State Housing Board also recommended that the contract be

amended to provide full funding of $1,100,000 for 100 homes, contingent on Habitats performance.

The grant also funds administration and technical assistance to affiliates.

Habitat homes are typically single-family dwellings built with no garage, carport or basements. They

are generally about 1,200 square feet with three bedrooms and two bathrooms. In some cases, due to

local jurisdictions requirements, Habitat homes do exceed these standards of simplicity (ex. they

might include a garage). Some affiliates are also acquiring and rehabilitating existing homes. Habitat

uses grants, donations and sweat equity to keep the cost to build the home down and to also keep the

first mortgage affordable to the homebuyer. The difference between the first mortgage and theappraised value of the home is recorded as a second mortgage and is forgivable over time.

POSTED BY DIVIS ION OF HOUSING AT 3:41 PM LINKS TO THIS POST

LABELS: AWARDS, HABITAT , STATEWIDE

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