FDIC On Buying Single Family Feature Residential Properties
WHO QUALIFIES TO BUY?
To purchase a Single Family Residential Property, Purchasers can be:
1. An individual or family whose income does not exceed 115 percent of area median income and who will for at least one year occupy the home as the principal place of residence. If the buyer sells the home before residing there one full year, the FDIC recaptures 75 percent of the profit on the resale price.
2. A nonprofit organization or public agency which agrees to rent or resell the property to lower-income families whose adjusted incomes are less than 115 percent of area median income.
Purchasers are required to provide verification of income such as tax returns and pay stubs. Falsifying income and other program-qualifying data could lead to criminal prosecution.
ELIGIBLE SINGLE FAMILY RESIDENTIAL PROPERTIES
Single family residential properties in FDIC's inventory that are appraised under the following limits are sold exclusively to low- and moderate-income buyers, and to nonprofit and public agencies during a 90-day marketing period:
Single (one-family unit):$101,250
Duplex (two-family unit):$114,000
Triplex (three-family unit):$138,000
Fourplex (four-family unit):$160,000
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