What is NSP2?

CRHDC received a $13,000,000 grant in early 2010 from the Department of Housing and Urban Development (HUD) to implement the Neighborhood Stabilization Program round 2 (NSP2) in the North Denver Metro area and the San Luis Valley. CRHDC was part of a national consortium lead by Chicanos Por La Causa (CPLC) and the National Association for Latino Community Asset Builders (NALCAB) which was awarded $137,107,133 in federal funding to revitalize neighborhoods in eight (8) states and the District of Columbia that have been negatively impacted by foreclosures and abandoned properties.

CRHDC will be purchasing and rehabilitating at least 104 properties over the next 3 years. All homes will have energy efficient upgrades with significant energy improvements like high efficiency furnaces, appliances, windows, and additional insulation. This program will help to stabilize and improve housing markets, and stimulate local economies. 

CRHDC is acquiring and rehabbing properties in targeted census tracts to significantly refurbish foreclosed, vacant and blighted homes  to make them more energy efficient and sustainable. Once rehab is completed, these properties are priced at the home's appraised value. CRHDC is a mission-driven agency and will use the funding solely for community stabilization efforts as outlined by HUD. All revenue made through home sales will be recycled back into the program to address additional acquisition and rehab activities. These efforts will help strengthen local economies and stabilize the housing market by bringing vacant and foreclosed homes back to productive use. Please see our inventory of homes here.

After the home is acquired, CRHDC has a goal time frame of 30-60 days in which rehab efforts are administered and completed. Many homes receive upgrades including energy efficient furnaces, double-paned windows, additional insulation, replacing lighting with CFL bulbs and updating other fixtures. Any concerns that were noted during the home inspection are addressed and fixed, and can include new roofing, flooring or the replacement of electrical and plumbing systems as needed.

Eligibility

Homes are available for purchase to income eligible households who earn up to or below 120% of the Area Median Income as defined by HUD. To see if you qualify for the program complete a pre-purchase assessment with one of our HUD-certified counselors.

Benefits

Homes are sold for appraised value and are move-in ready with all systems in working order. Every home buyer purchasing a home acquired with NSP2 funding is eligible for assistance from the NSP2 Home Buyer Assistance Program. Each home buyer receives a minimum $5,000 and up to $50,000 in gap financing for down payment or closing cost assistance. This is an interest-free loan that is forgiven incrementally over a 15 year forgiveness period.

 
Targeted Areas

Denver Metro: areas of Thornton, Northglenn, Westminster, Arvada and unincorporated Adams County.

San Luis Valley: South Alamosa, Monte Vista, Del Norte, Walsenburg, and Hayden; as well as portions of Costilla, Saguache and Conejos counties.