HUD is offering “aged inventory properties” to local governments for the price of $1.00– plus closing costs. On Friday, August 12th HUD announced the extension of the “Dollar Home Sales Program” to Local Governments. The program was originally launched on May 1, 2000. The goal is to assist local municipalities in their efforts create “affordable housing” options for “low to moderate income families.”
Eligible (1-4 unit) properties must have been marketed for six months or longer without success. The “as is” value of an eligible property cannot exceed $25,000.
Non-profits and governmental housing authorities are not permitted to purchase the homes independently, however they may strategically work with local governments to purchase properties on their behalf. The program encourages local municipalities to team up with local non-profit agencies to accomplish the objective of safe, affordable, sanitary and secure housing for “low to moderate income families.”
Local governments are being informed of the program extension via a national notification campaign launched at HUD’s direction. Eligible properties can be found at www.hudhomestore.com . For full details including required forms and procedures, visit HUD’s “Dollar Home Sales Extension” press release.
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