Alamosa, CO — May 20, 2011 — A program that is helping revitalize neighborhoods with foreclosed and abandoned properties is celebrating the first Lease to Own agreement with a participant family. On May 18th, Samuel Vigil and Natasha Pena signed the Lease to Own agreement and paid the security deposit and first month’s rent for the first NSP2 home in Alamosa.
Through the federal Neighborhood Stabilization Program (NSP2), CRHDC was awarded funds to purchase foreclosed properties and renovate or rebuild them before selling them to low and moderate income families. This program was designed to benefit not only buyers, but also everyone in the community, since foreclosed and abandoned homes decrease the property values in neighborhoods.
To make the house even more affordable, the Vigils also put over 300 hours of sweat-equity into their new home. They began working on the home in November and have been part of a range of renovation activities including the interior demo of cabinets and countertops, blowing in cellulose insulation into attic, painting of interior and exterior, building the fence, and general clean-up throughout the renovation. The work they accomplished will, in turn, lower the price they pay for their new home.
CRHDC Project Director, Jason Luna says, “It is very rewarding to finally reach this point and it is our hope that we will be providing these opportunities to several more families in the future.”
The Vigils, like every homeowner in the program, were selected after attending pre-purchase counseling and meeting specific program criteria regarding income and mortgage-readiness. They take pride in the work that they put into the home and are excited to move into this beautiful home with their three children.
In addition to helping the community with improved housing stock and families with the asset-building opportunity of homeownership, the NSP2 program is also creating local jobs. Projects are being completed by local contractors who have the opportunity to bid on the projects.
CRHDC Corporate Program Coordinator, Ty Coleman says “It’s a wonderful feeling seeing these NSP2 and SHOP funds being used for their intended purpose. We were able to put a family in a newly renovated home, provide job opportunities for local contractors and take one more vacant home off the market to help stabilize a community.”
Through this and other homeownership programs CRHDC is working hard to achieve important outcomes: improved communities and families who are able to realize their dream of home ownership and build equity in their investment. For more information
on CRHDC programs offered in Alamosa, contact Ty Coleman at 719-589-9495 email: firstname.lastname@example.org.
CRHDC is a 501c3 nonprofit organization formed in 1971 as Colorado Rural Housing Development Corporation. The organization changed their name to incorporate their efforts in both urban and rural markets in 2009. CRHDC offers housing and financial education, down payment and mortgage loans, real estate services, affordable rental housing for seniors and the disabled, and a variety of homeownership options. CRHDC is a HUD Housing Counseling Agency and a member of NeighborWorks® America.