Resource Detail

(PDF, 0.19 MB) Federal Housing Administration (FHA) First Look Sales Method for Grantees, Nonprofit Organizations, and Subrecipients under the Neighborhood Stabilization Programs (NSP) - Docket No. FR-5410-N-01

Abstract

This Federal Register notice outlines the process by which governmental entities, nonprofit organizations, and subrecipients participating in NSP (eligible NSP purchasers) are provided a preference to acquire FHA real estate-owned (REO) properties under FHA's temporary NSP First Look Sales Method. Eligible NSP purchasers may acquire such REO properties for any of the eligible uses under the NSP, including rental or homeownership. The notice also outlines how REO property sales under the FHA First Look Sales Method will be facilitated to ensure that NSP and FHA requirements are met, and to ensure that compliance with these requirements does not impede or otherwise disqualify eligible NSP purchasers from successfully participating in the FHA First Look Sales Method. The FHA First Look Sales Method announced in this notice shall be in effect from the date of publication of this notice through May 31, 2013.

Date Published

July 2010

Audience

NSP-1 Grantees

NSP-2 Grantees

Topic(s)

Designing/Implementing Homebuyer Programs

Acquisition/Disposition of REO Properties

Product Approver

HUD-approved

Author Organization

U.S. Department of Housing and Urban Development

Submitted By

U.S. Department of Housing and Urban Development

Type of Resource

HUD Notices

HUD Federal Register

Keywords

first look initiative; Single Family Asset Management System (SAMS); NAID

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