The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Approximately 70 $1 homes sales are estimated for 2007.
Uses and Use Restrictions
Single family homes that are acquired through foreclosure of Federal Housing Administration (FHA) insured loans will be available for purchase by local governments at a price of $1 plus closing costs, after the properties have been actively marketed for at least six months and remain unsold.
The property must be located with the jurisdiction of the purchasing local government with the intent of using the property for a "clear public purpose".
Local government legally authorized by local law to make the purchase.
Low- to moderate-income families and communities.
Evidence of authority to purchase.
Aplication and Award Process
This program is excluded from coverage under E.O.
Submit HUD-9548, Sales Agreement, stating a purchase price of one dollar ($1.00) plus closing costs, together with the Addendum to Sales Contract in the form attached to Housing Notice 00-07, as further detailed in Housing Notice 00-07, to HUD by close of the 10-day listing period for a property.
Evaluation of the documentation required by the application procedure evidenced by HUD's execution of the Sales Agreement and approval of the purchaser's plan for use of the property.
Local governments have 10 calendar days from the time the properties are made available to submit HUD-9548, Sales Agreement, stating a purchase price of one dollar ($1.00) plus closing costs, together with the Addendum to Sales Contract in the form attached to Housing Notice 00-07.
Housing Notice 00-07, dated April 28, 2000 (and subsequent extensions).
Range of Approval/Disapproval Time
Properties assigned to this program are offered for ten days.
Formula and Matching Requirements
Length and Time Phasing of Assistance
Post Assistance Requirements
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.
In accordance with the provisions of OMB Circular No. A-133, "Audits of State and Local Governments and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
All annual reports submitted by local governments will be maintained by HOC Program Support Staff Director.
(Sales) FY 07 $5,571,350,940; FY 08 est $4,225,354,720; and FY 09 est not available.
Range and Average of Financial Assistance
The average market value of the homes is approximately $50,000.
Regulations, Guidelines, and Literature
HUD Regulations will be in 24 CFR Part 291. Program information is available on HUD's website at http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm.
Regional or Local Office
Contact the appropriate HUD Homeownership Center listed in Appendix IV of the Catalog.
For policy questions not covered on HUD's website, contact the Asset Management and Disposition Division: 451 7th Street, SW., Washington, DC 20410; Telephone: (202) 708-1672.
Criteria for Selecting Proposals
Finnovation Lab, a Twin Cities-based program supported by the Bush Foundation, has graduated its inaugural class of social impact entrepreneurs from its fellowship program.