May 3, 2016 by Jake M.
HUD’s Dollar Homes are designed and directed to help local governments in providing sufficient housing opportunities for low-to-moderate income families. They address direct, specific, and important community needs by offering families an opportunity to purchase qualified HUD-owned homes for $1 each. Yes, $1, you heard it right.
Dollar Homes are single-family homes that are collected by the Federal Housing Administrations (FHA), as a result of foreclosures. Single-family properties are typically deemed eligible this program whenever the FHA is unable to sell a home (usually given a limit of six months).
By selling these vacant, unused, and unsellable properties for just $1 after six months of sales attempts, the HUD creates the opportunity for communities to fix up the selected homes, then put them to good use, while saving considerably as well. The newly occupied homes then act as stimulants for neighborhood growth and rejuvenation, which then attracts new residents and businesses to the area, helping it grow within the economy.
Any local governments can partner with local nonprofit homeownership organizations or participate in local programs in order to better resell the homes to those low-to-moderate income residents of their community and surrounding area.
If you want to find out more about available properties for sale in your area, visit HUD Homes and search according to the state in which you reside.