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.