The Department of Housing and Urban Development (HUD) will speed federal assistance to Colorado and provide support to homeowners and low-income renters forced from their homes from the recent storms, announced Secretary Shaun Donovan.
Last week, President Obama issued a disaster declaration for Adams, Boulder, Larimer, and Weld counties. The declaration allows HUD to offer foreclosure relief and other assistance to certain families living in these counties.
HUD is offering the state the ability to re-allocate existing federal resources toward disaster relief. The Community Development Block Grant and HOME programs give the state and communities the flexibility to redirect millions of dollars to address critical needs, including housing and services for disaster victims.
Among other assistance, the department is granting a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan in a statement. “Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.”