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Colorado Shifts Mortgage-Settlement Funds

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Flood damage in Drake (credit: CBS)

Flood damage in Drake (credit: CBS)

DENVER (AP) – A $23 million chunk of Colorado’s share of the nationwide $25 billion federal mortgage banking settlement is being reallocated to help provide affordable housing, including for residents of counties hit by floods and wildfires.

Colorado Attorney General John Suthers said in a statement Wednesday that rental vacancies have dwindled and too many displaced residents still are struggling to find new homes.

Suthers says many people hit by wildfires and the September floods over the past two years have an immediate need for housing assistance.

Suthers is shifting money away from state programs he says are overfunded, including $20 million that had been allocated to supplemental loans and $3 million from housing counseling support.

Colorado Floods: How To Help

The recent floods are impacting families and communities throughout Colorado, so CBS4 has compiled a list of ways you can support the local communities impacted by the floods.

More September Flooding Stories

 

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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