Mortgage Money Going To CO Homeowners, Veterans

By: AP
By: AP
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DENVER (AP) -- Homeowners facing foreclosure and veterans in need of temporary housing are among the recipients of Colorado's portion of a $25 billion settlement with mortgage lenders.

Colorado Gov. John Hickenlooper and state Attorney General John Suthers announced details Friday on how Colorado will spend its $51 million in discretionary money from the settlement reached last month. Most of the rest of the money goes directly to homeowners affected by the mortgage crisis.

Colorado plans to spend $24 million on supplemental loan-modification programs that could help an estimated 2,000 homeowners over the next three years. Affordable housing programs will receive more than $18 million.

A former state prison in Bent County will receive $5 million to repurpose the facility as temporary housing for up to 400 veterans.

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