Although our local law enforcement officers, teachers, firefighters, and emergency medical technicians will never receive enough appreciation, the U.S. Department of Housing and Urban Development (HUD) has an extraordinary program designed to help stabilize the national housing market while giving individuals in these professions an exclusive opportunity. More specifically, individuals meeting the requirements for a law enforcement officers, teachers, firefighters, and emergency medical technicians set forth by HUD may buy HUD-owned single family (one-unit) homes in designated revitalization areas on the Good Neighbor Next Door (GNND) website for 50% of the HUD appraised value. They must use a real estate agent/broker in the purchase of the home, but they do not need to be first time homebuyers. Participants may simply not already own any residential real property at the time of their offer or within one year prior to that date. As long as the GNND participant lives in the home as his/her sole residence for at least a full 36 months, he/she can then sell the property and keep any equity/appreciation paid at close of escrow, without re-paying the 50% discount that the participant received originally.
You may, of course, still have questions about the program. If so, check out the Good Neighbor Sales Frequently Asked Questions.