 |
 |
| 14.313 DOLLAR HOME SALES |
| FEDERAL AGENCY |
| OFFICE OF HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT |
| AUTHORIZATION |
| Housing Notice 00-07, dated April 28, 2000 (and subsequent extensions). |
| OBJECTIVES |
| To expand HUD's partnership with local governments in helping to foster housing opportunities for low-to-moderate income families and address specific community needs. |
| TYPES OF ASSISTANCE |
| Sale, Exchange, or Donation of Property and Goods. |
| 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". |
| Applicant Eligibility |
| Local government legally authorized by local law to make the purchase. |
| Beneficiary Eligibility |
| Low- to moderate-income families and communities. |
| Credentials/Documentation |
| Evidence of authority to purchase. |
| Preapplication Coordination |
| None. This program is excluded from coverage under E.O. 12372. |
| Application Procedure |
| 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. |
| Award Procedure |
| 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. |
| Deadlines |
| 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. |
| Range of Approval/Disapproval Time |
| Properties assigned to this program are offered for ten days. |
| Appeals |
| None. |
| Renewals |
| Not applicable. |
| Formula and Matching Requirements |
| Not applicable. |
| Length and Time Phasing of Assistance |
| Not applicable. |
| Reports |
| 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. |
| Audits |
| 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. |
| Records |
| All annual reports submitted by local governments will be maintained by HOC Program Support Staff Director. |
| Account Identification |
| 86-0470-0-1-371. |
| Obligations |
| (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. |
| PROGRAM ACCOMPLISHMENTS |
| Approximately 70 $1 homes sales are estimated for 2007. |
| 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. |
| Headquarters Office |
| 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. |
| Web Site Address |
| http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm |
| RELATED PROGRAMS |
| 14.311, Single Family Property Disposition. |
| EXAMPLES OF FUNDED PROJECTS |
| None. |
| CRITERIA FOR SELECTING PROPOSALS |
| None. |
|
General Services Administration Office of Chief Acquisition Officer Regulatory and Federal Assistance Division (VIR) |
|