Seriously- this can happen! Here’s the deal: HUD has a revitalization program known as “Good Neighbor Next Door” or “GNND” for short which is meant to promote positive changes in select communities throughout the United States. In a nut shell, individuals who are law enforcement officers, teachers, fire fighters, or emergency medical technicians are eligible to receive a full 50% off of the sale price of a HUD owned home that is located within a revitalization area if that individual also works in that same revitalization area.
I’m sure you want to know, What’s the catch? Well, there are a few guidelines the applicant must agree to. Here they are:
- Applicant must be employed as a full-time law enforcement officer, teacher, fire fighter, or emergency medical technician
- Applicant must plan to maintain said employment for at least one year following the purchase date
- Applicant (or spouse) may be a previous home owner, BUT cannot have held title to a home within 12 months prior to the bid date
- Applicant must agree to live in the property as a primary residence for at least 36 months after date of purchase
- Home must be located within a “Revitalization Area”