|HUD's Good Neighbor Next Door Program
Many single family homes in revitalization
areas are available at a reduced price through a program targetted to
law enforcement officers, pre-Kindergarten through 12th grade teachers
and firefighters/emergency medical technicians (EMTs).
The discount can be up to 50% off the price of the home, but it comes
with a stipulation - you must live in the house for 3 years (36
months), and the house must be your sole residence.
Revitalization areas are designated neighborhoods that are in need of
economic and community development, and where there is already a strong
commitment to revitalization by the local community governments. You
can search for specific areas and communities to see if they are in
revitalization areas by completing a map search.
In order to enforce the 36-month occupancy rule, HUD will require that
you sign a second mortgage/note for the discounted amount. No interest
or payments will be required on this "silent second mortgage" provided
that you fulfill the three-year occupancy time.
The number of properties available is limited and the list of available
properties changes weekly.