Good Neighbor Next Door

By
Industry Observer License #035626

The United States Department of Housing is interested in building up certain communities (those in revitalization areas). To that end HUD offers steep discounts (50% off full list price) on the purchase of HUD foreclosed homes to Law Enforcement, Teachers and Firefighter/Emergency Medical Technicians to encourage them to make stronger and safer communities by living in them.

Interested and qualified purchasers can search available Good Neighbor Next Door listings at HUD’s website - HUDHomeStore.com.

Not all HUD foreclosed properties are available for the Good Neighbor Next Door Program, only eligible properties located in revitalization areas. Eligible properties are available for purchase through the program for seven days (lottery period).

Eligible Participants;

Law Enforcement

You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.

Teachers

You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students, from the area where the home you are purchasing is located, in the normal course of business.

Firefighter/Emergency Medical Technicians

You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.

Eligible participants who purchase a home through the Good Neighbor Next Door program agree to own and occupy the property as their sole residence for three years. A silent second mortgage and note is required for the discounted amount though no payments are required, nor interest accrued so long as the three-year occupancy agreement is fulfilled.  Annual certifications of occupancy are required.

The program is designed to build stronger and safer communities while providing affordable housing to law enforcement, teachers, firefighters and emergency medical technicians. It’s a great deal for those eligible to participate.

Posted by
It’s A Good Life!

Bruce Swedal 
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Bruce Swedal

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