DENVER - Gov. Bill Ritter and U.S. Sen. Ken Salazar joined forces today to announce state and national efforts to increase foreclosure prevention in Colorado. Gov. Bill Ritter proclaimed April 21 – 26 as Foreclosure Prevention Awareness Week, kicking off a series of activities organized by the Colorado Housing and Finance Authority (CHFA), Colorado Division of Housing, and the housing nonprofit Brothers Redevelopment to promote the Colorado Foreclosure Hotline among neighborhoods identified as underutilizing the resource given the number of foreclosures reported in their area.

“Homeownership is a cornerstone in achieving the American Dream,” said Gov. Bill Ritter. “Unfortunately, too many Coloradans are finding that piece of their dream slipping from their hands due to foreclosure. By proclaiming April 21-26 Foreclosure Prevention Awareness Week, my goal is to connect Coloradans who are at risk of losing their home with resources that might help them hold onto that American Dream. The Foreclosure Hotline is one of the most valuable resources in this fight.”

Research conducted by CHFA identified seven Front Range neighborhoods where it will intensify marketing and outreach efforts to promote foreclosure prevention resources, most notably the Colorado Foreclosure Hotline 1-877-601 HOPE. These neighborhoods include: 80010 Aurora; 80017 Aurora; 80916 Colorado Springs; 80204 Denver; 80239 Denver; 80631 Greeley; and 80134 Parker.

CHFA research evaluated the number of Notices of Election and Demand (NEDs) filed between Nov. 27, 2007 and April 4, 2008 within 12 Colorado counties and contrasted the volume of filings within each ZIP code to the volume of calls placed to the Hotline from the same areas. Research showed that during this 18 week time period, 11,633 properties approached the first step in the foreclosure process. The total outstanding loan amount reflected among these properties exceeds $2.2 billion.

CHFA Executive Director and CEO, Milroy Alexander stated that CHFA is working with its partners to organize advertising, phone banks, community meetings and direct mail promoting the Colorado Foreclosure Hotline and its network of nonprofit housing counselors within these seven key-market areas and throughout the state. “While other ZIP codes evaluated had greater numbers of NEDs filed within their boundaries, these seven ZIP codes demonstrated significant numbers of filings, yet were not among the top areas calling into the Hotline to seek foreclosure mitigation counseling.”

Gov. Ritter will support the effort by being featured on postcards that will be sent starting this week in these areas. In addition to direct mail, media, and advertising, two public events are scheduled to occur including:

Adams CountyHousing Authority Homeownership Fair

Saturday, April 26, 2008

10 a.m. – 3 p.m.

Adams County Fairgrounds – 9755 Henderson Road, Brighton, CO80601

Weld County Mortgage Assistance Forum

Monday, May 12, 2008

7 p.m. – 9 p.m.

Greeley Recreation Center – 651 10^th Ave., Greeley, CO80631

Colorado Division of Housing Director, Kathi Williams said, “We are very pleased to have Gov. Ritter’s support in this effort. Part of the difficultly in reaching borrowers at-risk of foreclosure is that they are inundated with information. Some of this information is reliable, some of it isn’t. By looking for the postcard with the Governor’s photo, Coloradans will know that this Hotline is the real deal.”

Foreclosure Prevention Awareness Week is a result of the $1.5 million federal grant awarded to CHFA and 12 sub-grantees earlier this year. $1.2 million of the grant award has been set aside to hire and train additional foreclosure mitigation counselors. The remaining award dollars will help promote Colorado’s Foreclosure Hotline (1-877-601-HOPE), launched by the Foreclosure Prevention Task Force in 2006 to pair at-risk borrowers with free home counseling services in their community. Funds for the federal grant were part of the FY2008 Consolidated Appropriations Act. Legislation proposing additional resources for foreclosure mitigation and housing stimulus is pending in Congress.

“The housing crisis is one of the root causes of our nation’s broader economic slowdown. All across Colorado and the nation, families are feeling the pain of the housing crisis and communities are being crippled by the ripple effect of foreclosures,” said U.S. Senator Ken Salazar.  “I will continue to work in the United States Senate to address this crisis of our housing sector.  I am proud to kick off foreclosure prevention week in Colorado, as it will raise awareness of existing options for those at risk of foreclosure, but also because it highlights the steps and smart decisions that can be taken to prevent foreclosure in the future.”

# # #