On February 27, 2024, Associate Policy Director Dominic Butchko submitted written testimony to the House Environment and Transportation Committee in support of HB 1090- Revitalizing Neighborhoods Through Homeownership Program and Fund- Established. This bill provides counties with additional resources through the establishment of the Revitalizing Neighborhoods Through Homeownership Program, opening access to low-cost capital to help revitalize homes purchased under the federal Department of Housing and Urban Development (HUD) Dollar Homes Program.
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 1090 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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