HUD’s Good Neighbor Next Door Program Offers Homes at 50 Percent off Appraised Values
Good news for teachers, firefighters, law enforcement (police) officers and emergency medical technicians in Colorado! You may be eligible to purchase a home for half of its appraised value as part of the U.S. Department of Housing and Urban Development (“HUD”) Good Neighbor Next Door (“GNND”) sales program!
In an effort to draw people who work in these professions to certain “Revitalization Areas” around the United States, HUD is offering great deals on eligible properties. This offer might sound too good to be true, but the purpose ofthe GNND program is to improve the overall quality of live for individuals and families living in specific urban areas by encouraging teachers, firefighters, law enforcement agents and emergency medical technicians to live there.
How to Determine Eligibility
Not everyone qualifies for the GNND program. There are specific eligibility requirements that can be found here.
How to Find Available Properties
It’s easy to find homes that are currently listed as GNND properties. Simply visit this page on HUD’s website. You will see a map of the United States. Either click on the state in which you want to search for available homes or enter information into the search boxes to narrow your property choices to a specific area. Or, you are welcome to call my office as soon as possible. I can help you pinpoint specified Revitalization Areas in Colorado. And I would be happy to alert you when eligible properties become available.
What’s the Catch?
There are certain requirements that must be fulfilled in order to qualify for a GNND home. Besides being employed full-time as a teacher, firefighter, law enforcement officer or emergency medical technician in an eligible school district, agency, or department, a few other obligations must also be met.
Program participants must agree to:
- Live in the property for a minimum of three years as their sole residence.
- Sign a certification each year they live in the property.
More details on how the program works for members of the military, how mortgages are handled for GNND properties, and what happens if homeowners cannot fulfill their GNND obligations can be found here.
Questions, Questions and More Questions!
Most people who work in the professions that can benefit from the GNND program have many questions about participation. HUD has an extensive Frequently Asked Questions page on their website where the most common inquiries are addressed.
As a real estate agent who is licensed in Colorado, I am commonly asked about eligible GNND properties in specific metro Denver-area neighborhoods. The program focuses on areas around the United States that are designated as “Revitalization Areas.” All homes currently available are listed on HUD’s website.
An important requirement of the program is that you work with a licensed real estate agent. As a Realtor with extensive knowledge and experience with the GNND program, I would be happy to assist you in locating and purchasing an eligible property that will meet the needs of you and your family.
The GNND program is real and it’s happening NOW. So if you qualify, don’t miss out!
South Highlands Sloans Lake (West Colfax) Natural Serene Home FLOODED with LIGHT! 3 bedrooms 2 bathrooms – FHA 203k Masterpiece on a Budget Denver Colorado
This natural and serene new construction home is my ABSOLUTE FAVORITE small home I have helped a client buy all year. It is not large, it is not pure luxury, but this home has a feel and a soul that is so rarely captured in this amount of square footage. As a Realtor, I try to give my opinons to client from a neutral (Real Estate Professional) perspective, without influencing them too much with my personal taste. From the minute I walked into this home, I knew it was special. It took an incredible amount of effort not to tell my client she was crazy not to make an immediate offer. This home had SOUL. The Sellers purchased this property with an FHA 203k loan a few years back, and actually rebuilt the entire home keeping only a small portion of the original foundation. While the FHA 203k rehabilitation loan is much more restrictive now, the Sellers took full advantage of it at the time. The exterior of the home is quite unasuming, but the interior evokes a sense of peace, naturalness, and reflective space. It is influenced by South America – Guatemala to be exact. The hand trowled walls and teak floors speak to its South American influence. While the Sellers chose many upgrades including cherry cabinets, stainless steel appliances & granite countertops (and even a 2 car garage!), the home has a truly understated feel and a comfortable elegance not commonly found in similar transitioning/gentrifying Denver neighborhoods.
If I was house hunting in the Sloans Lake, Highlands, or West Colfax neighborhoods in this market, I’m not certain I could find an more exquisite and pocket-concious buy. Can you believe this home was purchased for under $180,000? Yes, it is true. This home is steps from the new light rail (west corridor), a few minutes walk from Sloans Lake, a couple minutes drive to downtown, and in the heart of an active & exciting reenergized neighborhood. One more item of interest…this home was purchased by the Sellers as part of the Good Neighbor Next Door program, which benefits Teachers, EMTs, Firefighters, and Police Officers in Denver Colorado. It is an incredible program. Call me for more details and to see if you could qualify for the Good Neighbor Next Door Program. Rachel Betz Real Estate 303-534-5000
I LOVE this house. Congratulations Yana – I’m a bit jealous! I might want to negotiate a first right of refusal when you want to sell…