HUD Gives Evacuees Break on Housing Purchases

Gulf Coast hurricane evacuees will get a chance beginning this week to buy properties owned by the U.S. Department of Housing and Urban Development for the first five days they are listed for sale anywhere in the country at 10 percent below fair market value.

HUD expects up 20,000 properties to be made available.

Families living in HUD-owned properties since last year’s hurricanes also will have a chance to buy the houses in which they’ve been living. HUD provided interim rental housing in South Carolina, Georgia, Florida, Kentucky, Tennessee, Arkansas, Oklahoma, and Texas after the storms.

To get the discount, evacuees must make an offer within the first five days. They are required to submit their purchase offers through licensed real estate professionals.

HUD will select successful buyers using a lottery drawing if multiple offers are made on the same property.