- Starting May 1st,
2000, HUD will be offering local governments the opportunity to take
advantage of a unique HUD resource - HUD Homes for Sale - at a bargain
rate of $1, plus closing costs.
- The new Dollar
Homes Initiative will allow local governments to purchase select HUD
Homes for Sale for $1 and use them as part of a community revitalization
or neighborhood affordable housing strategy.
- The HUD Homes available
under this new program are those that have been on the market for six
months or more.
- Local governments
can partner with local non-profit homeownership organizations or tap
into existing local programs to resell the homes to low- and moderate-income
residents of the community. In these cases, the local governments will
be required to purchase these properties and convey it to the nonprofit
organizations for rehabilitation and resale to first-time homebuyers.
- Hundreds of properties
are available currently and new houses will be added on a weekly basis.
- Document
Requirements for FHA Participation
- Learn
More about $1 Homes Program
- Special
Addendum
- Property
Listings for Local Governments
- Property
Listings for Officer/Teacher Next Door
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