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Officer Next Door
Officer Next Door
A HUD Program designed to revitalize distressed neighborhoods by encouraging police officers to live in them. The homes have been acquired through foreclosure on defaulted mortgages insured by the Federal Housing Administration (FHA) at half off the FHA-listed price. Each participating officer signs a contract agreeing to live in the home at least three years. Those who receive an FHA-insured mortgage can buy homes with a down payment of as little as $100. Working with local elected officials, HUD designates neighborhoods as revitalization areas -- of which there are now over 500 -- for participation. The neighborhoods are typically in low- and moderate-income areas, have many vacant properties, and often have high crime rates, but are considered good candidates for economic development and improvement. HUD web site at www.hud.gov/pressrel/pr98-460.html
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