Archive for November, 2010

NSP Award

Tuesday, November 30th, 2010

PILLAR COMPLETES PURCHASE OF FORECLOSED HOMES {Photo}

Utilizing funding from the federal Neighborhood Stabilization Program (NSP), Pillar has purchased 11 single-family foreclosed homes under its contract with Jefferson County. Seven of the homes are in Arvada and four are in Lakewood, all within the target areas set by each municipality. The purpose of the NSP program, a program created by the Housing and Recovery Act of 2008 (HERA), is to stabilize neighborhoods through the acquisition, rehabilitation and resale of foreclosed properties located in target neighborhoods to qualified homebuyers for owner-occupancy.

Bids have been procured and contracts for the rehabilitation will be signed by the end of September. Work will commence shortly thereafter and should be completed by the end of the year on all properties. To see pictures of the houses, click here (hyperlink).