One of the programs is called Mortgage Credit Certificate Program, which was designed to help homeowners who took out high-risk subprime mortgage loans and whose houses are in danger of becoming foreclosed homes for auction.

Another program involves the redevelopment of unsold foreclosed homes for auction using funds from the federal government’s Neighborhood Stabilization Program. This program will be carried out in partnership with the Denver Urban Renewal Authority and the Denver Housing Authority.

John Hickenlooper, mayor of Denver, said the programs will rehabilitate neighborhoods devastated by foreclosures and provide relief to families whose houses are in danger of becoming foreclosed homes for auction.

The mayor added that the city will complement these programs with strategies that create more jobs so more families can pay their mortgage loans and launch programs that help sustain the redevelopment of unsold foreclosed homes for auction.

The Mortgage Credit Certificate was designed to help distressed borrowers pay their monthly mortgage payments in the form of tax credits. The certificate will lower a borrower’s federal income tax, providing additional money for the payment of the mortgage loan.

The mortgage credit program is expected to help around 180 families in Denver who took out adjustable-rate mortgage loans on single-family units between January 1, 2002 and December 31, 2007 and who are qualified to refinance their loans.

The program has been backed with $15 million sourced from the city’s Private Activity Bond allocation and another $10 million sourced from Colorado’s Private Activity Bond allocation, which was declared by a state law passed in 2008.

In addition, the Neighborhood Stabilization Program has allocated the city of Denver with around $9.6 million for the purchase, rehabilitation and resale of unsold foreclosed homes for auction.

Denver officials will work with officers of the DURA and the DHA to implement the rehabilitation of unsold foreclosed homes for auction. It will focus on neighborhoods battered by large numbers of foreclosed homes for auction, such as Green Valley Ranch, Elyria Swansea, Northeast Park Hill, Montbello, West Colfax, Barnum, Westwood, Athmar Park and Mar Lee.

Owners of houses in danger of becoming foreclosed homes for auction should contact their mortgage lenders and submit their applications for the Mortgage Credit Certificate program.