HUD Homes and Other Options Available
Real Estate Owned (REO) Properties available for purchase at a discount
in Presidentially-Declared Disaster Areas
Since the week of May 1, 2006, HUD homes have been made available for purchase by hurricane evacuees at a discount.
Procedures for Making Real Estate Owned (REO) Properties temporarily available to Disaster Victims
The Federal Emergency Management Agency (FEMA) website (http://www.fema.gov), lists counties affected by a Presidentially-Declared disaster and the corresponding declaration dates.
Under a Memorandum of Understanding (MOU) between the Department and FEMA, acquired properties must be made available to temporarily house victims in areas declared by the President to be major disaster areas. Pursuant to the terms of the MOU, following the declaration of a disaster, FEMA must request that HUD implement the MOU, as follows:
- FEMA Request for a List of Available Properties. FEMA will request a list of available properties. Eligible properties are habitable, not under lease or sales contract nor committed to another use or program, and ready for immediate occupancy.
- Distribution of List
- FEMA will provide lists from their resource bank of available housing including HUD-owned properties to disaster victims who are having difficulty finding rental housing that meets their needs. The disaster victims must locate their own housing.
- HUD DOES NOT hold the eligible properties off the market. As necessary, FEMA may request updated lists.
- Leasing to Disaster Victims. HUD's Management and Marketing Contractor will rent directly to the disaster victim, as follows:
New Loan and Servicing Options