Revitalization
Areas are HUD-designated geographic areas authorized by Congress
under provisions of the National Housing Act. Revitalization Areas
are intended to promote "the revitalization, through expanded
homeownership opportunities, of revitalization areas."
The criteria for designating an area as a Revitalization Area relate
to 1) household income, 2) homeownership rate and 3) FHA-insured
mortgage foreclosure activity.
Single
family properties owned by HUD as a result of foreclosure of FHA-insured
mortgages and located in a Revitalization Area are eligible for
sale through special programs at discounts. These HUD programs include
Good Neighbor Next Door (sales to law enforcement officers, teachers
and firefighters/emergency medical technicians), Asset Control Area
program partnerships with nonprofit organizations and local governments
and discount sales to local governments and HUD-approved Nonprofit
Organizations.
There are hundreds of revitalization areas across the country. You
may search
for revitalization areas online!
HUD
is always working with localities to designate new areas. For information
on Revitalization Area Evaluation Criteria, please see Housing Notice
09-01.
Contact your local HUD Homeownership Center to
discuss designating Revitalization Areas in your community.
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