HUD announces changes to home buying program
The city of Atlanta and other governments having trouble buying vacant and foreclosed homes should be able to move faster obtaining those properties after changes announced Friday by the U.S. Department of Housing and Urban Development, federal officials said.
HUD has changed the definition of a foreclosed home in its Neighborhood Stabilization Program from a property that is already foreclosed to one that is 60 days delinquent on the mortgage. The definition of an abandoned home is now a property in which the owner is more than 90 days past due on the mortgage or tax payments.
Federal officials created the NSP initiative in 2008 in recent to the foreclosure crisis. The goal was to help local governments purchase vacant or abandoned properties and resell them.
HUD has awarded Atlanta $12.3 million since the program started, but federal officials said in a recent audit that the city has been too slow in spending the money. Atlanta officials have said developers and investors often beat them to buying properties because HUD has more rules that prevent the city from moving faster.
About the Author
Eric Stirgus joined The Atlanta Journal-Constitution in 2001. He currently writes about higher education and has assisted in the newsroom’s COVID-19 vaccine coverage. Born and raised in Brooklyn, N.Y., Eric is active in the Atlanta Association of Black Journalists and the Education Writers Association and enjoys mentoring aspiring journalists.
