City of Colorado Springs / Housing Development / Programs and Services / Loan Servicing

Loan Servicing Questions and Answers

Contact the Housing Development Division at (719) 385-5912, or email us at housingdevelopment@springsgov.com for the answers to these and other questions about your housing rehabilitation and affordable housing loans.

What loans do you service?
The Housing Development Division services housing rehabilitation and affordable housing loans.  As of January 1, 2014, the loan portfolio consists of 552 loans totaling $20,833,763.00.

Where do I mail my payments?

You should mail your payments to the following address:

Housing Development Division
c/o Loan Portfolio Specialist
702 East Boulder Street
Colorado Springs, CO 80903 
 
Does Housing Development Division have your CURRENT telephone number and mailing address?
Please contact us with any updates.

I have been sick lately and thinking about adding my son/daughter's name to the deed of my house with a quit claim deed. Do I need the City's permission?
Your rehab loan may become payable immediately if you transfer ownership. Contact us before you transfer ownership or if you have other questions about your loan.

Can I transfer my property to a "living trust" without the loan becoming payable? Transferring your property to anyone, including a living trust or relatives may mean your loan with the City needs to be repaid immediately. Contact us before you transfer the property.

Interest rates are low right now and I'm thinking about refinancing my first mortgage. I have a rehab loan as a second mortgage. What do I need to do? 

Please call to discuss how refinancing will affect your City loan.

How can I get a free copy of my credit report every year?
Visit website www.annualcreditreport.com or telephone 1-877-322-8228 to order a free credit report from the three credit reporting agencies.

I have a Deferred Payment loan for the rehab of my home but I want to make a payment. Can I make a payment on the principal balance?
If you have a deferred payment loan you are not required to make a monthly payment. Your loan is not structured the same as a serviced loan with monthly payments.  For example, you will not have a coupon book because your loan is not amortized. However, you can make a principal payment at any time if you want to reduce your loan balance. Before sending in a payment, please contact us so that we can give you specific instructions on how to make these special payments.