Denver committee advances increase for foreclosure aid contract
The proposed amendment would raise Brothers Redevelopment’s contract ceiling to $1.75 million and set a goal of serving 67 households in 2026.
Denver’s Community Planning and Housing Committee approved by consent on Sept. 15 a proposed $400,000 increase to the city’s contract with Brothers Redevelopment for homeowner foreclosure assistance, the committee’s minutes show.
The fifth amendment would raise the contract’s maximum to $1.75 million and extend the agreement through Dec. 31, 2026, the proposed amendment says. It sets a 2026 program budget of $750,000 and a goal of serving 67 households. The program budget includes costs beyond direct assistance; the $400,000 increase raises the overall contract ceiling and is not money already spent.
The assistance is intended for Denver homeowners facing housing instability because of financial hardship. Applicants generally must have household income at or below 80% of area median income, own and occupy a Denver home as their primary residence, document a current financial or housing crisis, and lack cash or non-retirement assets equal to or greater than the requested assistance. Eligible payments can cover past-due mortgage amounts, homeowners association fees or liens, and other debts that could lead to displacement. Assistance is generally capped at $10,000 per household, though the Department of Housing Stability may approve a waiver when additional help could prevent displacement.
Committee approval is not final city approval. As of Sept. 23, the Legistar matter record listed the proposal as “Approval Review.” The amendment says it will not bind Denver until required city signatories execute it and, if required by the City Charter, the City Council approves it.