Housing market gets a boost from 'flipped' properties

7:00 AM, May 2, 2012   |    comments
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The Neighborhood Stabilization Program is part of the Community Resources and Housing Development Corporation. The program is funded by a grant from the Department of Housing and Urban Development and targets neighborhoods in the North Denver Metro area and the San Luis Valley.

Foreclosed, vacant or blighted homes are bought and then remodeled to be more energy efficient and sustainable. The properties are then priced at the appraised value and sold to qualifying home buyers, helping to stabilize the housing market and raise the property values in a neighborhood.

To qualify financially for the program, the buyers' household income must be at or below 120 percent of the area median income for household size.

For more information, visit www.CRHDC.org.

(KUSA-TV © 2012 Multimedia Holdings Corporation)

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