CO May Spend Part Of Mortgage Settlement On Former Prison

By: AP
By: AP
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DENVER (AP) -- Colorado may use part of its share of a national mortgage settlement to repurpose a closed prison as transitional housing for veterans.

Most of last month's $25 billion settlement with the nation's top mortgage lenders goes directly to homeowners affected by the mortgage crisis. But states were given $2.7 billion to spend as they wish, and many states are eyeing projects that have nothing to do with foreclosure.

Colorado's getting some $51 million to be spent by Attorney General John Suthers, who has legal authority to decide how settlements are spent. A spokesman for the attorney general says Suthers is considering many proposals for spending mortgage settlement money. Ideas discussed at public hearings include repurposing the former Fort Lyon Correctional Facility in Bent County as housing for vets.

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