HousingWire is reporting that the FHA is giving nonprofit organizations and owner-occupant buyers first dibs on foreclosed properties that get auctioned off through its Claims Without Conveyance of Title (CWCOT) program, specifically prioritizing these groups over investors. According to the report, for the first 30 days, a foreclosed property listed for sale can only be bid on by owner-occupant buyers, approved nonprofits, and government entities. HousingWire says these buyers would also enjoy an additional 60 days for conveyance from the date that the sales contract is ratified.
“This policy change is critical as the nation continues to address the challenges of a real estate market in which home prices are high and the availability of affordable housing supply is low, making it difficult for individuals and families to achieve the dream of homeownership,” said Principal Deputy Assistant Secretary for Housing and the Federal Housing Administration Lopa P. Kolluri.
Click here to read the full story at HousingWire.
Click here to read the FHA’s media release.
