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HUD Offers Discounted REOs to Storm Victims

""HUD"":http://www.hud.gov has announced it will sell almost 90 REO properties to public housing authorities in central Alabama and Joplin, Missouri -- areas suffering the impact of this spring's tornadoes.


In a pilot program, HUD will sell ""move-in ready"" properties to public housing authorities at a discount, and the housing authorities will lease or sell the homes to families impacted by the storms.

The houses will be ready for sale or lease within two months of the purchase from HUD.

The available properties are located in several Alabama counties: Autauga, Calhoun, Elmore, Jefferson, Limestone, Madison, Marion, Marshall, and Tallapoosa.


HUD has also selected homes within a 20-mile radius of Joplin, Missouri, including homes in Cherokee County, Kansas; Jasper and Newton Counties, Missouri, and Ottawa County, Oklahoma.

This pilot program may serve as a model for future programs aimed at providing aid to disaster victims.

""After witnessing first-hand the size and scope of the devastation in Alabama, I knew we must do more,"" HUD Secretary Shaun Donovan said.

""For the first-time, HUD has designed a pilot program that will bring families affected by a significant disaster closer to stability by quickly providing them with an opportunity to purchase or lease a home,"" Donovan said, announcing the program this week.

""We hope to be able to use this draft purchase agreement as a model to assist other families displaced after a disaster,"" Donovan concluded.

In addition to the discount home sales, HUD has already provided $350,000 to Birmingham and Tuscaloosa, Alabama, and Joplin, Missouri.

This aid was provided through HUD's Community Development Block Grant Sanctions Fund. The fund's goal is to help communities recover after disasters.

Those interested in reviewing the homes available through the program can contact local housing authorities, a list of which is available on ""HUD's website."":http://portal.hud.gov/portal/page/portal/HUD

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

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