May 3, 2016 by Jake M.
HUD’s Dollar Homes are directed to help local governments in providing housing opportunities for low-to-moderate income families and address direct, specific, and important community needs by offering them an opportunity to purchase qualified HUD-owned homes for $1 each.
Dollar Homes are single-family homes that are obtained by the Federal Housing Administrations (FHA), also part of HUD, as a result of foreclosures. Single-family properties become eligible and available for this program whenever the FHA is unable to sell a home (usually given a limit of six months).
By selling these vacant, idle properties for just $1 after six months of sales attempts, the HUD makes it a reality for communities to fix up the homes, then put them to good use, while saving considerably at the same time. The newly occupied homes then act as stimulants for neighborhood growth and rejuvenation, which in turn 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.