To help expand affordable housing opportunities, the Department of Housing and Urban Development is selling 1,450 assigned properties once used as collateral for Home Equity Conversion Mortgages to non-profit organizations and units of state and local government.
HUD’s Office of Asset Sales will conduct the HUD-held vacant note sale on June 8, 2022.
Each note is secured by a property where the HECM borrower is deceased and not survived by a non-borrowing spouse. In its announcement, HUD said the sale seeks to increase affordable housing supply, expand opportunities for homeownership and rental housing and revitalize communities through encouraging the disposition of these notes in a manner that achieves mission outcomes.
“This sale reinforces our dedication to expanding the opportunities for non-profits and units of state and local government to purchase HUD-held assets that can be revitalized and returned to the housing market at a time when inventory is extremely low,” said Principal Deputy Assistant Secretary for Housing Lopa P. Kolluri (pictured). “We have structured this sale for exclusive participation by those organizations who share our mission of expanding affordable rental and homeownership opportunities for underserved communities.” To learn more, view HUD’s press release.