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HUD Homes Offered to Hurricane Katrina Evacuees

Tuesday, April 25, 2006 posted by Tommi Crow

HUD announced Monday that it will give Gulf Coast hurricane evacuees an opportunity to purchase 20,000 HUD-owned properties at a discount.

Families living in interim rental housing may purchase the homes they are currently occupying at a 10% discount off the fair market value. In addition, HUD will help tenants pay for property repairs with a escrow credit equal to 15% of the purchase price.

HUD will pay all reasonable and customary closing costs, up to 5% of the contract price. HUD will also pick up the tab for all real estate brokerage fee’s. The buyer must agree to occupy the property as a primary residence for at least 12 months.

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