Posted on June 12, 2012
I can picture the guy standing out front spinning the sign saying, “This house 50% off!!!” The HUD Good Neighbor Next Door program does just that for qualified buyers:
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/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.
You can search HUD’s website for home for sale in Portland. Some homes will be listed stating that only “Good Neighbor Next Door Participants, Nonprofits, and Government Agencies Only” may bid. After a period of time, usually five days, the bidding will open up to the general public.
Good Neighbor Next Door participants are required to sign a “silent second” for the portion discounted but the note is canceled at the completion of the three year residency requirement.
For more information on how the program works, check out HUD’s FAQ.