Denver Releases Neighborhood Stabilization
Program Draft Action Plan
Public Comment Period for Strategy Addressing Acquisition/Redevelopment of Foreclosed Properties Runs Through November 30
(DENVER) The Denver Office of Economic Development has released a draft action plan of how the City and County of Denver will administer the federal Neighborhood Stabilization Program (NSP) activities. The draft plan is posted online at www.milehigh.com.
Public comments regarding the draft plan will be accepted by OED via email, at ConsolidatedPlan@denvergov.org, through November 30, 2008. Following the public comment period, a final plan will be submitted to the U.S. Department of Housing and Urban Development on December 1. 2008.
The NSP was created through the Housing and Economic Recovery Act of 2008. The program provides Denver with a $6.1 million allocation to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight. Federal guidelines require that program funds be implemented in areas that have experienced the greatest incidence of residential foreclosures. In Denver, these neighborhoods include Green Valley Ranch, Montbello and Westwood.
OED is leading the City’s efforts to receive additional federal funding to mitigate the impacts of residential foreclosures. The City and County of Denver has applied to the State of Colorado for another allocation of $10 million in NSP funds. The State of Colorado received a $34 million NSP allocation.
The Denver Office of Economic Development (OED) works to create a local environment that stimulates balanced economic growth through job creation, business assistance, housing options and neighborhood redevelopment.