Is there a Gvmnt. Program where you buy a house for $1.00 as is agreeing to fix it up or put a set$ amnt in it

Question

My old boss got a really big house in st paul mn for $1.00 it need lots of work which he did and I think he had to put a certain amount of money in it by in a certain amount of time or maybe a certain measure of improvements be cause he did most of the work hisself I've been searching hud and every web site I can think of. He is dead now so he is no help any one out know any thing about this ?? please help my kids and i need our own place our rental management runs this complex like a nazi cocentration camp but any thing the crack heads do is just fine

Answer 1

You are talking about the Dollar Home Program

Start with the Housing and Urban Development website -- this is their information on the Dollar Home Program which allows low to middle income families to buy homes for $1 http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm

Contact your local HUD office - this is their state by state listing http://www.hud.gov/local/index.cfm

Answer 2

Many larger cities had a "Home buyer program" that was administered through the FHA, and state and local housing agencies. The main purpose was to help people get into a home by repairing rundown or sometimes abandoned property.
In many states there were problems with contractors, so I don't know if any of the municipal homebuyer programs are still around.. You can call the housing aurhority in your city.
Basically the Homebuyer program included federal funding to "rehab" the home to FHA standards. If you lived in the house for 10 years the rehab money was written off. Additionally it had provisions for a no-downpayment mortgage. The program was restricted to first time buyers, required the applicant attend classes on the responsibilities of owning a home, and restriced the home from being used as rental property.
While ist was rare to find a home for that little, it did happen on occasion.