Housing News Digest, July 15

Cedar Heights developer in foreclosure
A Colorado Springs real estate company that’s developing home sites in Cedar Heights — one of the city’s most exclusive neighborhoods and home to million-dollar mansions — has been hit with a $5.8 million foreclosure notice.

Regional Housing Alliance puts ownership within reach
Like most of the country, Durango’s foreclosures and falling prices have made home ownership possible for many new buyers. Those with cash can take their pick of the bargains but, for everyone else, Durango’s prices are still too high and loans are now harder to get. Even people with steady jobs and good credit can find the prospect daunting. If you fall into that second group, take heart. Where there’s a will - and a little bit of help from the Regional Housing Alliance - there’s a way.

New apartments for seniors already has waiting list
The Cedar View Apartments Phase II, which opened this spring, provides subsidized housing to people who are 62 or older.

Sarada Leavenworth, division director for Volunteers of America, which runs the complex, said there is a huge need for affordable housing for Durango’s aged.

CDOT may buy foreclosed motel
The Colorado Department of Transportation may move forward with borrowing money from currently funded transportation projects to buy a vacant motel at the corner of 8th Street and Highway 24.
The Pikes Peak Area Council of Governments Board of Directors discussed a proposal Wednesday to reallocate a portion of Colorado Department of Transportation money budgeted for purchasing right-of-way properties at the intersection of I-25 and Cimarron Street to fund the purchase of the Express Inn, a vacant motel in foreclosure at 8th Street and Cimarron Street.

UDR plans to sell 15M shares
UDR Inc. , a Colorado apartment operator, will sell 15 million shares of its common stock in an underwritten public offering, the company announced Tuesday.
UDR (NYSE: UDR) also plans to grant the underwriters a 30-day option to purchase up to an additional 2.25 million shares to cover potential overallotments, according to a release.