Affordable housing, Business, Federal Housing Administration, FHA, HOME Investment Partnerships Program, United States Department of Housing and Urban Development, Urban Development, US Department of Housing
If you’re reading this, odds are you didn’t win the $580 million Powerball jackpot. Well, I did win $42!!
Did you realize that’s enough for 42 homes? Not the $580 million, but the $42!!!
It sounds crazy, but let me share more with you from HUD – The US Department of Housing and Urban Development.
HUD’s Dollar Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each.
Dollar Homes are single-family homes that are acquired by the Federal Housing Administration (which is part of HUD) as a result of foreclosure actions. Single-family properties are made available through the program whenever FHA is unable to sell the homes for six months.
By selling vacant homes for $1 after six months on the market, HUD makes it possible for communities to fix up the homes and put them to good use at a considerable savings. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area.
Local governments can partner with local nonprofit homeownership organizations or tap into existing local programs to resell the homes to low- and moderate-income residents of the community.
To find out if properties are available for sale in your community, visit HUD Homes and click on your state.
As always, I am here to help when you’re ready to look.