Sloan's Lake Citizen's Group

NO-COST OR LOW-INTEREST LOANS AVAILABLE TO DENVER HOMEOWNERS

DURA Provides Loans for Critical Home Repair or Improvements

June 19, 2006/Denver, CO. With the ever-increasing cost of fuel, energy and materials, many low and moderate-income Denver homeowners may not be able to afford to make emergency or necessary home repairs. Fortunately, the Denver Urban Renewal Authority (DURA) directs two City of Denver housing programs which provide 0% or 1% fixed-rate interest loans to make emergency repairs and essential improvements possible.

DURA, the redevelopment agency engaged in commercial revitalization and housing rehabilitation throughout the City and County of Denver, has managed the City’s Emergency Home Repair and Single Family Rehabilitation programs for over three decades. In this manner, DURA continues to enable homeowners to improve their property’s safety and value, which, in turn, strengthens neighborhoods.

“Most of our clients tell us they would not be able to make these necessary improvements without these two loan programs”, said Tracy Huggins, DURA’s Executive Director. “Also, our ability to oversee the entire rehabilitation process means the homeowners have peace of mind in knowing the job will be properly handled from beginning to end.”

DURA helps low to moderate-income Denver homeowners make essential home repairs by providing 0% or 1% interest loans which are funded by the City and County of Denver’s Division of Housing and Neighborhood Development and HUD Community Development Block Grants. Furthermore, there are no out of pocket costs or hidden charges and DURA manages the entire project from start to finish, including selecting a certified contractor and coordinating all construction schedules, permits, payments and approvals.

DURA’s Single Family Rehabilitation Program provides qualifying homeowners up to $35,000 in low-interest loans to make general home renovations and improvements. The Emergency Home Repair Program allocates up to $6,000 in deferred interest loans for emergency repairs; which include sewer, plumbing, mechanical, heating, roofing, electrical and other problems posing an immediate danger to a homeowner’s health and safety.

In 2005, more than $3.1 million in loans were provided to Denver homeowners; with 15,000 + homeowner-occupied households receiving assistance since the programs began. Without DURA’s involvement, these individuals may not have been able to afford to make the needed repairs.

While these loans are available throughout Denver to qualifying low-to-moderate-income homeowners, the funds are targeted for Denver’s lowest-income neighborhoods. For more information about these DURA programs, homeowners can contact DURA by phone at (303) 534-3872 or on the web at www.denvergov.org/dura

About DURA:
The Denver Urban Renewal Authority is a full-service redevelopment agency engaged in neighborhood and downtown revitalization, economic redevelopment and housing rehabilitation throughout the City and County of Denver. Working to implement the City’s vision and priorities, DURA provides project management, program support and potential funding (through Tax Incremental Financing investment) to help redevelop projects of critical importance to the City and its residents.

DURA projects include the redevelopment of Stapleton, the Adams Mark Hotel, Lowry, Broadway Marketplace, the Pepsi Center, Denver Pavilions, Dahlia Square, Cherokee urban redevelopment area, University Hills, the historic Denver Dry building, Six Flags Elitch Gardens, Larimer Square and others.