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Good Neighbor Next Door - The Housing Urban Development (HUD)

Name of Program
Good Neighbor Next Door - The Housing Urban Development (HUD)
Website URL https://www.hud.gov/program_offices/housing/sfh/reo/goodn/gnndabot
Description
Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.
Award Amount
HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home.
Other Requirements/Conditions
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.
Application Process
Check the house listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.
HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.
The number of properties available is limited and the list of available properties changes weekly.
Deadline Date
Varies
Tax Credit
Yes
Target Audience
Already have a teaching credential, Interested in teaching in a low-performing school and critical shortage areas, Interested in teaching mathematics, Interested in teaching science, Interested in teaching special education, Residents of CA only, Residents of other states
Type of Financial Aid
Other