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purchase for $1 and assign it at least temporarily to the Human Services Department. <br />dollar homes <br />;0 n <br />us department of housing <br />and urban development <br />HUD'S NEW DOLLAR HOMES INITIATIVE WILL SELL HOMES TO <br />LOCAL GOVERNMENTS FOR $1 EACHI <br />HUD launched its new "Dollar Homes" initiative to sell local <br />govemments thousands of HUD -owned homes for $1 each to create <br />housing for families in need and to revitalize neighborhoods. <br />Under the policy, single-family homes that are acquired in foreclosure <br />actions by the Federal Housing Administration (which is part of HUD) <br />will be eligible for sale to local govemments around the nation for $1 <br />each when the homes have been listed for sale for at least six months <br />and remain unsold. Over 1,000 homes will initially be eligible for sale <br />to local govemments under the initiative, with additional homes <br />available for sale each week. <br />HUD Secretary Andrew Cuomo and Congressman John Kasich of <br />Ohio announced the new HUD Dollar Home initiative on March 1, <br />which officially begins May 1 2000. <br />"The Dollar Homes policy will build <br />better futures for hundreds of <br />communities and thousands of <br />families across our nation," <br />Secretary Cuomo said at the <br />announcement. "It will help reverse <br />decades of decline in our cities by <br />revitalizing neighborhoods, <br />attracting new residents, and <br />promoting homeownership." <br />Content Int =dined: Juno 19. 2000 <br />Beginning May 1st, 2000, HUD will allow local govemments to purchase HUD -owned homes <br />for $1 each to create housing for families in need and to benefit neighborhoods, through its <br />Dollar Homes initiative. <br />Under the policy, single-family homes that are acquired in foreclosure actions by the Federal <br />Housing Administration (which is part of HUD) will be eligible for sale to local govemments <br />around the nation for $1 each whenever FHA is unable to sell the homes for six months. <br />By selling vacant homes for $1 after six months on the market, HUD will make it possible for <br />communities to fix up the homes and put them to good use at a considerable savings. The <br />newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new <br />residents and businesses to an area. <br />February 13, 2001 <br />BK117PG170 <br />