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Homes for $1.00

HUD has launched a new home sales program that should benefit low-income home buyers, local governments trying to ensure the availability of affordable housing, and banks looking for creative ways to boost their CRA ratings.

HUD will sell homes that it has "acquired" through foreclosures. HUD will sell homes to local governments for $1 that FHA has been unable to sell for six months. HUD presently has 3000 such homes in selected locations and will have more in the future.

This program offers an opportunity for banks to work with their local governments and community organizations to renovate, sell and finance affordable homes. The work ought to be sufficiently "innovative" to count towards an "Outstanding" rating.

Copyright © 2000 Compliance Action. Originally appeared in Compliance Action, Vol. 5, No. 3, 3/00




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