The Department of Housing and Urban Development is selling some seized homes in the Cleveland area for as little as $100.
HUD announced an agreement last week with an Ohio nonprofit in which the department will sell hundreds of homes to stabilize neighborhoods hit hard by the foreclosure crisis.
HUD will first inspect newly acquired foreclosed properties in its inventory and give the Cuyahoga County Land Reutilization Corp. the opportunity to buy the homes at deep discounts.
Homes valued at $20,001 to $100,000 will be sold at a 30% discount for an initial five-day period. After 60 days, the homes will be sold at a 50% discount. Homes worth less than $20,000 will be sold for $100, HUD said.
The nonprofit, which was set up by the state, received a $41 million grant from HUD this year to purchase and redevelop foreclosed or abandoned properties.
