HUD Homes Discounted For Katrina Victims

In an effort to assist families displaced by the Gulf Coast Hurricanes attain homeownership, the U.S. Dept. of Housing & Urban Development will give evacuees the opportunity to buy HUD-owned properties at a discount.

"Our goal through this housing assistance initiative is to give families who have been impacted by the disaster a chance to restore stability to their lives," said Federal Housing Commissioner Brian D. Montgomery. "By becoming homeowners, these families can begin to establish a sense of permanence as they concentrate on putting their lives in order."

In the aftermath of the hurricanes, HUD provided interim rental housing to many families in the form of HUD-owned properties in the states of South Carolina, Georgia, Florida, Kentucky, Tennessee, Arkansas, Oklahoma, and Texas. These families will be offered the opportunity to purchase the homes they are currently occupying at a discount of ten percent off the property's fair market value. Additionally, HUD will help current tenants pay for property repairs by funding a repair escrow equal to 15% of the contract price.

In addition to making homeownership opportunities available to evacuees already occupying HUD owned properties, the Department is establishing a nationwide sales initiative providing discounts and preferences for Gulf area hurricane evacuees seeking housing anywhere in any of the 50 states.

Effective the week of May 1, almost all new properties listed for sale by HUD will be offered exclusively to hurricane evacuees for a period of five days at a price that is ten percent below fair market value.

Comments

[John]

Many people think of foreclosure investors as being "bottom feeders" or parasites - taking advantage of the misfortunes of others. Others view them as being a necessary evil - or safety net that will help to adjust the market price and stabilize the real estate market. Whatever you think, someone must buy these properties. Just as "vultures" have their place in the natural ecosystem; so too foreclosure investors have a place in bringing some sanity and stability back into a real estate market that had become a feeding frenzy of over extended buyers driving ever higher prices in already over heated markets.
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[Richird]

It is great job done by HUD (Housing & Urban Development) that is providing homes to the homeless and giving the chance to buy houses at a discount rates.

[Henry]

It is great to hear that HUD provided interim rental housing to many families in the form of HUD-owned properties. These families will be offered the opportunity to purchase the homes they are currently occupying at a discount of ten percent off the property's fair market value.

[condo for sale philippines]

That is so generous of Hud Homes, It's nice to know that there are still many people who can give, even if we're in the middle of financial crisis..

-david