Teachers can buy HUD homes for half-price

REAL ESTATE WATCH

April 02, 2000

The U.S. Department of Housing and Urban Development has announced that teachers will be able to buy HUD-owned homes for half-price in distressed neighborhoods in school districts where they work.

The Teacher Next Door program is designed to help revitalize struggling communities. Since 1997, a similar program, Officer Next Door, has been offered to police officers, who have bought more than 3,300 discounted homes nationwide.

The initiative also allows teachers buying homes with Federal Housing Administration-insured mortgages to make the purchases with down payments as low as $100. FHA can insure mortgages that cover costs of rehabilitating homes.

The program, available in 33 states and the District of Columbia, is for state-certified teachers employed full-time. Teachers must live in the home for at least three years and use the home as his or her sole residence.

Eligible Baltimore ZIP codes are: 21202, 21205, 21206, 21213, 21214, 21215, 21216, 21217, 21218, 21224, 21228, 21230 and 21231.

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