HUD Unveils HomeWise Program

Ten families -- one in each of 10 cities around the United States -- will be able to buy a renovated home at half price under a pilot program unveiled June 24 by the Department of Housing and Urban Development.Under the HomeWise program, the National Housing Endowment will purchase 10 HUD homes and work with local homebuilders affiliated with the National Association of Homebuilders to renovate the properties, using donations of labor and materials and $100,000 each from Fannie Mae and Freddie Mac. Wells Fargo Home Mortgage will also participate in the program. HUD Secretary Alphonso Jackson said the pilot program will help accomplish President Bush's goal of creating 5.5 million new homeowners by the end of the decade. The participating cities are St. Louis; Miami; Philadelphia; Seattle; Chicago; Atlanta; Detroit; Minneapolis; Columbus, Ohio; and Kansas City, Mo.