Source: My ChesCo —
WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development’s Office of Asset Sales announced that 23 mission-driven non-profit organizations recently participated – and 11 were awarded pools – in its December 1, 2021, competitive bid HUD-held Vacant Loan Sale (HVLS 2022-1). Collectively, these organizations successfully won bids on 814 mortgage notes – the entire volume of notes eligible for priority bidding.
Consistent with the Biden-Harris Administration’s September 1, 2021, announcement that more HUD-owned properties should be returned to future owner-occupancy, HUD offered up to 50 percent of the notes in the multi-loan pools for bids first by eligible non-profit organizations and units of state and local government. Previous sales prioritized approximately 10 percent of the mortgage notes for this purpose.
“The success of this sale is the foundation upon which we will continue to build on this Administration’s efforts to provide more opportunities for affordable homeownership and neighborhood revitalization,” said Principal Deputy Assistant Secretary for Housing Lopa P. Kolluri. “We had a record number of interested non-profit organizations who participated in this most recent sale, and we look forward to providing more note sale opportunities for non-profit organizations going forward.”