Industry News

Discount HUD homes offered to hurricane evacuees

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The Department of Housing and Urban Development announced Monday that it will give Gulf Coast hurricane evacuees an opportunity to purchase HUD-owned properties at a discount. 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 following the hurricane disasters. These families will be offered the opportunity to purchase the homes they are currently occupying at a discount of 10 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 percent of the contract price, according to the announcement. Hurricane evacuees who are not leasing a HUD-owned property may purchase a HUD home anywhere in the country during a 10-day lottery period. Effective the week of May 1, almost all new properties listed for sale by HUD will be offered exclusively to hurr...