On February 21, 2023, MACo submitted testimony before the House Environment and Transportation Committee in support of HB 0501 – Revitalizing Neighborhoods Through Homeownership Program and Fund – Established.
This bill establishes the Revitalizing Neighborhoods Through Homeownership Program to provide financial assistance in the form of loans to local governments, providing them with additional resources that can then be put toward the revitalization of homes purchased under the federal Department of Housing and Urban Development (HUD) Dollar Homes Program. For those jurisdictions looking to alleviate the strain on their local housing markets by taking direct action, HB 0501 provides a significant tool, one that has the potential to make housing more widely availiable to low-to-moderate-income homebuyers.
From the MACo Testimony:
HUD’s Dollar Homes initiative helps local governments to foster housing opportunities for low-to-moderate-income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. Dollar Homes are singlefamily homes that are acquired by the Federal Housing Administration (FHA) as a result of foreclosure actions. Single-family properties are made available through the program whenever FHA is unable to sell the homes for six months. HB 501 would provide a significant tool for jurisdictions seeking to take direct action in their local housing markets. The program would provide a source of low-cost capital to support the purchase and renovation of houses purchased under the HUD program. These houses would then be sold to low- and moderate-income homebuyers.
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