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Law enforcement officers, pre-kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners in Gwinnett, Cobb, Forsyth, or North Fulton 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.
HOW THE PROGRAM WORKS
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days. Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote “the revitalization, through expanded homeownership opportunities, of revitalization areas.”
The criteria for designating an area as a Revitalization Area relate to:
- Household Income,
- Homeownership Rate, and
- FHA-insured mortgage foreclosure activity.
HUD-owned single family properties located in a Revitalization Area are eligible for discounted sale through special programs.
HOW TO PARTICIPATE in the Good Neighbor Next Door Program
Check the listings for your state on the HUD website http://hudhomestore.com/HudHome/Index.aspx . Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home, a selection will be made by random lottery. The number of properties available is limited and the list of available properties changes weekly.
WHO CAN PARTICIPATE?
You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.
You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.
Firefighter/Emergency Medical Technicians
You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.
HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.
If you are interested in purchasing a home in Gwinnett, Cobb, Forsyth, or North Fulton, please contact Atlanta Housing Source and ask for Mark Lackey (404-886-8789). His team of professionals are available to assist you with your buying or selling needs.