Content provided by the Catalog of Federal Domestic Assistance
14.313 Dollar Home Sales
OFFICE OF HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
HUD Notice 00-7, dated April 28, 2000 (and extension notices).
To expand HUD's partnership with local governments in helping to foster housing opportunities for low- to moderate-income families and address specific community needs.
TYPES OF ASSISTANCE:
USES AND USE RESTRICTIONS:
Single family homes that are acquired in foreclosure actions by the Federal Housing Administration will be eligible for sale to local governments around the nation for $1 when the homes have been listed for sale for at least six months and remain unsold. Local governments buying HUD homes for $1 can sell or rent them to low- and moderate-income families, to first-time homebuyers, or to groups that will use the homes to provide services such as child care centers or job training centers.
Applicant Eligibility: Local governments must identify the intended disposition strategies and clear public purpose goals and objectives it will pursue with properties purchased through this program.
Pr-eapplication Coordination: None. This program is excluded from coverage under E.O. 12372.
Formula and Matching Requirements: Not applicable.
POST ASSISTANCE REQUIREMENTS:
Reports: Local governments must agree to provide the applicable HUD Homeownership Center (HOC) Program Support Staff Director with an annual report that provides the status and details on all properties purchased under this program. The report must include information on the ultimate purchaser, the amount of profit realized on the final sale and where the profit was put back into local housing/community development.
Account Identification: 86-4070-0-1-371; 86-4072-0-1-371; 86-4077-0-1-371; 86-4587-0-1-371.
As of February, 2002, there have been 1,000 $1 homes sold nationwide. It is estimated that an additional 250 homes will be sold under this program by the end of fiscal year 2002.
REGULATIONS, GUIDELINES, AND LITERATURE:
HUD Regulations will be in 24 CFR Part 291. Program information is available on HUD's website at www.hud.gov.
Regional or Local Office: See Regional Agency Offices. Contact the appropriate HUD Homeownership Center listed in Appendix IV of the Catalog.
EXAMPLES OF FUNDED PROJECTS:
None. New program.
CRITERIA FOR SELECTING PROPOSALS: