Director, Single Family Asset Management and Disposition Division, Office of Single Family Housing

2502-AJ32 201604 Unified Agenda of Federal Regulatory and Deregulatory Actions 2502 Office of Housing OH 2500 Department of Housing and Urban Development HUD Disposition of HUD-Acquired Single Family Properties--Updating HUD's Single Family Property Disposition Regulations (FR 5776)

This rule revises HUD’s property disposition regulations so that they better reflect industry standards, allow HUD to conduct its Single Family Property Disposition Program more efficiently and effectively, and permit HUD to obtain the greatest value for its real estate-owned (REO) properties in different market conditions. Changes include revising 291.100(b) to clarify that the list price for HUD REO properties may be established utilizing one or more evaluation tools, such as the Broker Price Opinion and Automated Valuation Model. The rule also increases the amount of money buyers of HUD-acquired properties must put into escrow to purchase and repair a property that does not meet the minimum property standards from $5,000 to $10,000. It updates the bidding process by providing that winning bids under the competitive sales procedures be made available electronically or by other means to the public through state, county or local jurisdictions. The rule also clarifies that police officers participating in the Good Neighbor Next Door program, like teachers and firefighters, must live in the areas they serve.

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage No No 24 CFR 291 12 U.S.C. 1701 et seq. 42 U.S.C. 1441, 42 U.S.C. 1441a 42 U.S.C. 1551a 42 U.S.C. 3535(d) No NPRM 10/02/2015 80 FR 59690 NPRM Comment Period End 12/01/2015 Final Action 05/00/2016 No None No No No Thomas Kumi Director, Single Family Asset Management and Disposition Division, Office of Single Family Housing 2502 Office of Housing OH 202 708-1672 451 Seventh Street SW., Room 9172, Washington DC 20410