HUD'S "HOMEWISE" PROGRAM WILL SELL A RENOVATED HOME IN SEATTLE AT HALF-PRICE TO A SERVICE-DISABLED VETERAN
Innovative pilot program designed to encourage housing counseling

SEATTLE - The U.S. Department of Housing and Urban Development (HUD) is pleased to announce its innovative HOMEWISE pilot program that will offer a unique opportunity to a veteran or active duty military personnel with service related disabilities, to fulfill his/her dream of homeownership by purchasing a renovated HUD home in Seattle
at half the appraised value. The estimated appraised value of the Seattle home after renovation will be $180,000 - $200,000. The home is located at 10440 18th Ave South, Seattle.

The deadline, previously August 31, has been extended to September 17, 2004. The eligibility requirements have
been changed to open the lottery to a wider pool of disabled veterans.

Very affordable loan terms - no downpayment and a 15-year mortgage with zero interest to the borrower - will
enable a veteran who has sacrificed for our country to own the home with very reasonable monthly mortgage payments, estimated at $555 per month plus taxes and insurance.

Mayor Greg Nickels will select the winner by lottery sometime in the Fall. To be eligible for the drawing, the veteran
or active duty military personnel must be a first time homebuyer, defined as having not owned a home in the last three years, whose gross household income is at or below $57,520. The veteran must have a decision letter from
the Department of Veterans Affairs that rates the service related disability at or greater than 10 percent.

The service member (and his/her family) must have income sufficient to meet underwriting requirements for the mortgage and must agree to occupy the house as a principal residence for 5 years following closing. Also, the
veteran must have completed a pre-purchase education course offered by any HUD approved Housing Counseling Agency (HCA) prior to closing.

To be entered in the lottery, the eligible veteran must complete an official application or call 1 (877) 741-3281.
The application for the Seattle house must be received at a participating HOMEWISE HCA by September 17, 2004.
A complete list of participating HCAs is available.

HOMEWISE is a partnership between the U.S. Department of Housing and Urban Development, the National Housing Endowment, the National Association of Home Builders (NAHB), Wells Fargo Home Mortgage, Fannie Mae, and
Freddie Mac.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as
well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.

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