10 Things Your Faith Community Can Do To Encourage Homeownership
7. Put Your Faith to Work with Hammer and Nails
If you are ready for a bigger challenge, be aware that HUD has
programs offering approved organizations the opportunity to purchase
certain vacant properties at significant discounts. These properties
often need substantial rehabilitation - but when complete,
a low or moderate-income family buys a house they could not otherwise
- HUD offers qualified nonprofits with an opportunity to purchase
HUD Real Estate Owned properties (REOs) at a substantial discount
(up to 30% in HUD revitalization zones). After rehabilitation,
participating nonprofits can then sell the property to qualified
low to medium income buyers. For more information go to HUD/
FHA Non-profit Program Frequently Asked Questions.
- HUD also offers Police Officers and Teachers the opportunity
to purchase its Real Estate Owned properties at a 50% discount
in specific revitalized zones. If these individuals meet the program
requirements and are willing to invest in local neighborhoods
by becoming a resident, they may find this opportunity worth looking
into. Do you know an Officer or Teacher who needs a home? Please
refer them to the Good Neighbor Next Door program.
- The work of Habitat for Humanity is known around the world.
In many communities, Habitat collaborates with existing community
development and/or faith organizations in selecting the sites
for their efforts. Seek out your local Habitat organization to
learn what their process is and work to have them come to your
community to build new housing. Go to www.habitatforhumanity.org to learn more.