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Colorado’s Multimillion Flood Recovery Plan

On May 14, 2015 the U.S Department of Housing and Urban Development received the Community Development Block Grant- Disaster Recovery (CDBG-DR) Action Plan Substantial Amendment #2.

Before receiving the $58.2 million in CDBG-DR funds allocated by the Housing and Urban Development, the state is required to submit the Substantial Amendment. The funding is critical to help sustain Colorado’s long term recovery. Governor John Hickenlooper stated that the CDBG-DR Action Plan Substantial Amendment #2 is essential to empower the people of Colorado to continue rebuilding their lives.

The Action Plan Substantial Amendment supplies funds to sustain housing, infrastructure, watershed restoration, agriculture, economic development and planning. Denver Rental Property Management reports that although there is so much more to be done, Colorado is making good progress in rebuilding their communities. The programs implemented to facilitate recovery are doing well.

The Department of Housing and Urban Development requires that 50% of CDBG-DR funds should be allotted to help low-moderate income families. 80% of the funds should be allocated to Weld, Larimer and Boulder counties. The remaining 20% is to be distributed to the 11 remaining counties.

HUD has 45 days to review the Community Development Block Grant- Disaster Recovery (CDBG-DR) Action Plan Substantial Amendment #2.

Source: Colorado.realestaterama.com