A First Preston HT Company
 Good Neighbor Next Door (GNND)
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians are eligible to purchase properties located in FHA-designated areas at a significant discount - 50% of the list price - in return for a commitment to live in the properties for a 3 year period.
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program.
FHA requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" mortgage, provided that you fulfill a three-year occupancy requirement.
When participants purchase properties under the Good Neighbor Next Door program they are required to certify every year that they are still living in the property.
An annual certification is mailed to participants, ready for signature, around the anniversary of the purchase. Participants should sign, date, and return the form to the address specified in the letter.
At the end of the required three-year occupancy period, FHA's second mortgage will be released. A mortgage satisfaction will be filed with the participant's local county recorder's office. After the release is filed, a copy will be mailed to the property address. Thereafter, the second mortgage will not show up on the title to your property. After release, there is no further obligation to or restrictions imposed by FHA.
Contact your regional FHA Homeownership Center to find out about current Good Neighbor programs in your area.
 Asset Control Areas (also known as ACA's)
As properties are transferred to FHA, properties that are located in designated asset control areas are sold by FHA to an ACA participant. ACA participants are state, county and local units of government, as well as approved nonprofit organizations, which have entered into a two-year contract with FHA. The geographic area covered in the ACA agreement is part of a revitalization area. This agreement requires FHA to sell any properties it acquires that are located in an asset control area exclusively to the ACA participant.
Each ACA participant (the local government or non-profit organization) establishes criteria for homebuyers to qualify that are approved by FHA. Properties are repaired and resold to families by the ACA participant at below-market prices.
Contact your regional FHA Homeownership Center to find out if there are current ACA programs in your area, and who to contact regarding the purchase of these homes.
 $1 Homes
FHA's $1 Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering qualified homebuyers the opportunity to purchase FHA homes for $1 each.
Dollar Homes are single-family homes that are acquired by FHA and resold to participating local governments whenever FHA is unable to sell the homes on the open market after six months.
By selling vacant homes for $1 after six months on the market, FHA makes it possible for communities to fix up the homes and put them to good use at a considerable savings to homebuyers. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area.
Local governments often partner with local nonprofit homeownership organizations or tap into existing local programs to resell the homes to low- and moderate-income residents of the community.
Contact your regional FHA Homeownership Center to find out about current $1 programs and which local governments may be participating in this program in your area.