HUD Secretary Donovan Announces National First Look Program

Published on September 2, 2010

On September 1, United States Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced an unprecedented agreement with the nation's top mortgage lenders to offer selected state and local governments, and nonprofit organizations a "first look" or right of first refusal to purchase foreclosed homes before making these properties available to private investors.

Known as the National First Look Program, it is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). The program is intended to give communities participating in HUD's Neighborhood Stabilization Program (NSP) a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.

Read more...