HUD Home Purchaser
Carolina Housing & Community Development Corporation (CHCDC), the nonprofit development entity of Rock Hill Housing Authority, was recently approved by the U. S. Department of Housing and Urban Development (HUD) Atlanta Homeownership Center to participate in HUD's Discount REO (Real Estate Owned) Home Purchase Program.
An REO home is a single-family residential property acquired by HUD as the result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
As an approved nonprofit entity, CHCDC can now place bids and purchase HUD REO foreclosed properties at a discount through the HUD program. CHCDC may have up to three HUD REO properties in inventory at any given time.
All REO properties purchased at a discount by an approved nonprofit, must be sold to homebuyers who intend to occupy the property as their principal residence, and whose income is at or below 115 percent of median income in the area when adjusted for family size.
CHCDC will utilize acquired REO properties to expand homeownership opportunities for Rock Hill Housing Authority clients.