Community Advancement

Community Advancement

· One of HUD’s wants is to increase the affordability of homes . HUD has set up special programs to assist in this endeavor that are located in Revitalization Areas

· Many areas been hit hard by economic conditions. HUD has authority to designate areas as Revitalization areas.¡¨ Designated based on average household income, home ownership rates, and FHA loan foreclosure activities.

· HUD-owned single family properties in revitalization areas are eligible for discounted sale prices.

· Asset Control Area (ACA): Certain foreclosed properties conveyed back to FHA and deemed to be located in an ACA are first offered for sale to state, county, and/or local governments, as well as approved nonprofit organizations. HUD homes with an appraised value of $25,000 or less may be purchased for $100; all other properties sold under the ACA program are offered for sale at a minimum discount of 50% of the appraised property value.

· Good Neighbor Next Door (GNND) Initiatives offer discounts of 50% of the sale price.