Nov 15, 2009 6:37 AM by Matt Stafford

Stimulus money used for housing in Colorado Springs

Stimulus dollars are being used in a federal program to get foreclosed properties back on the market.

The State of Colorado has around 35 million dollars to distribute for housing through the Neighborhood Stabilization Program.

Just over 3 million dollars of that money is coming to Colorado Springs. Some of it is already here and some of it is already showing a return.

Move in day is a special one for Devin Hoskins.

"I can't believe my dreams are just coming true," says Hoskins.

Hoskins and her parents are moving into a unit at Bentley Commons in Colorado Springs. The complex is opening with all 24 affordable housing units filled.

Getting families into homes has been the plan for the federal Neighborhood Stabilization Program.

"It wouldn't have come together without it (the stimulus money)," says Rich Strycker, executive director of Greccio Housing.

"The foreclosure crisis that we're all facing, it gives an opportunity for the purchase of these type of properties," says Pat Coyle, director of the Division of Housing for the State of Colorado.

Over 2 million dollars, all federal stimulus money, was used to flip Bentley Commons from a forclosing property into the complex it is today.

"We bought it back in September and here we sit two months later, it's fully leased and it's just a really fulfilling thing for me," says Strycker.

But, Bentley Commons is just a start. The race to use this designated money is on.

"We're at the starting gate and this is the first property that has been purchased," explains Coyle. "We're purchasing properties through out the state."

It's a race Hoskins and her family are happy to be a part of.

"Everybody was happy and crying today and I can't wait to start living here every single day," says Hoskins.

She can consider today, day one.

Builders say more units are likely on the way, and the same possibly goes for money.

The State of Colorado's Division of Housing is hoping to receive another 53 million dollars for the program.




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