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HUD Housing Discount Extended To First Responders

Posted by: Nate Berg

2 December 2006 - 9:00am

A program that allows police officers and teachers to buy foreclosed homes in designated neighborhoods at half of their appraised value has been extended to include firefighters and emergency medical technicians.

The aim of the "Good Neighbor Next Door" sales program is to improve conditions and life in distressed areas.

"The program, first offered to full-time law enforcement officers in 1997 and then expanded to include educators and firemen, allows participants to purchase HUD-acquired homes in designated revitalization areas at a 50 percent discount from their list prices."

"Since its inception, 11,633 foreclosed houses have been sold at half price to participants--7,073 to cops, 4,498 to teachers and 62 to firefighters and EMTs."

"Revitalization areas are HUD-designated neighborhoods in need of economic and community development where there is a strong commitment by the local governments. There are hundreds of such areas throughout the country."

Full Story: First responders to get discount from HUD
Source: The Chicago Tribune, November 26, 2006
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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