Local Government Dollar Home Program

Starting May 1st, 2000, HUD began offering local governments the opportunity to take advantage of a unique HUD resource - HUD Homes for Sale - at a bargain rate of $1, plus closing costs. The Dollar Homes Initiative allows local governments to purchase eligible HUD Homes for Sale for $1 and use them as part of a community revitalization or neighborhood affordable housing strategy. The HUD Homes available under this new program are those that have been on the market for six months or more. Local governments can partner with local non-profit homeownership organizations or tap into existing local programs to resell the homes to low- and moderate-income residents of the community. In these cases, the local governments will be required to purchase these properties and convey it to the nonprofit organizations for rehabilitation and resale to first-time homebuyers.

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