Julia Anderson
Many people looking to become homeowners have recently realized that their dream could be several years away. Why? Because inflation has made everything more expensive, and homes have skyrocketed in price.
What’s one way to get around ever-increasing home prices so you can buy an affordable house? Purchase a home in a revitalization area, which could help you buy a property at a 50 percent discount if you qualify for a unique program.
2023
Tax Forgiveness
We know how challenging it can be to pay off your tax debt.
The IRS just announced the 2023 Fresh Start Program, to qualify more people for tax relief!
Revitalization Areas Explained
Revitalization areas are locations designated by the U.S. Department of Housing and Urban Development (HUD). According to the HUD, these areas have been created to promote “the revitalization, through expanded homeownership opportunities, of revitalization areas.”
If that definition seems rather odd, you’re not alone. So to put it in simple terms, a revitalization area is a place where the government is looking to rebuild to make the community stronger.
How can you buy a home in a revitalization area at 50 percent off? Let’s take a look at that now.
How To Get A Revitalization Area Home Through Good Neighbor Next Door
Good Neighbor Next Door is a program that offers two primary benefits to society. First, it rewards certain occupations for their contributions to the community. And second, it increases investment into revitalization areas to make communities safer and stronger.
What occupations qualify for Good Neighbor Next Door?
- Teachers
- Firefighter
- Emergency medical technicians
- Law enforcement officers
Each of those professions plays an integral part in keeping a community together, which is why Good Neighbor Next Door rewards them for their hard work. How does the program offer that reward? Via a 50 percent discount on revitalization area homes.
To qualify for Good Neighbor Next Door, you need the following:
- Work in one of the professions listed above.
- Buy a home in a revitalization area.
- Live in the home as your primary residence for at least three years.
Fulfill those requirements, and you can enjoy a house at half its list price. As for how Good Neighbor Next Door can offer such a discount, that’s because the homes sold are foreclosed properties owned by the HUD. Instead of holding onto them, the HUD offers them at a discount.
If it seems like you could qualify for this program and want to get started, here’s what to expect from the Good Neighbor Next Door homebuying process:
- Get pre-approved for the program by going here.
- Use your pre-approval letter to start looking for homes.
- Find eligible homes in revitalization areas. One place where you can begin your search is here. If you find a home you like, you’ll have five days to bid on it.
- If there are no other bidders, you can own the home.
- If there are other bidders, a lottery will determine who gets the home.
Eric Tomasso
