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The buck stops in Capac


Village looks to purchase HUD home from government 'Dollar Homes' plan


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The village of Capac is making plans to purchase this HUD home, built in 1957, for one dollar. photo by Maria Brown.

February 27, 2008
CAPAC — For most of us it's getting harder to stretch a dollar these days. For the village of Capac, they have the chance to pull out a single greenback and get a three bedroom house in return.

The home at 414 N. Main St. is eligible for the U.S. Department of Housing and Urban Development's (HUD) Dollar Homes initiative, also called the Good Neighbor Program.

It is a HUD home, acquired through foreclosure, that didn't sell after six months on the market. That entitled the Federal Housing Administration to enter it into the Dollar Homes program.

The idea is to give local governments the chance to resell the home to low or moderate-income residents and use the proceeds for local betterment.

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"It's been appraised at $141,000," Manager Dennis Collison said.

"We can sell it and use the proceeds for community development."

The latest asking price for the 1,491 square foot home was $87,164. It was built in 1957.

Collison said he is still investigating the process but expects it will entail "lots of paperwork."

According to the program's facilator's Web site, local governments must identify their purpose and goals for the property, affirm that all proceeds will go on to support local housing or community development initiatives and agree to submit reports to HUD's Homeownership Center.

As the number of foreclosures and bankruptcies continues to rise, it's possible other local governments could follow Capac's lead. Currently, a home in Imlay City, 405 W. First St., is also eligible for the Dollar Homes Initiative.

According to hudhouses.com, there are at least 16 houses for sale under foreclosure or bankruptcy in Attica, 15 in Capac, 12 in Imlay City, eight in Allenton, five in Dryden and three in Almont.

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