The U.S. Department of Housing and Urban Development has launched a crackdown in Florida on nonprofit businesses that violate the agency's home-selling rules. The move is intended to put a stop to what has become a common practice in South Florida: nonprofit groups selling HUD homes to investors, instead of low-income buyers. "It's a big scam -- I'd say at least 60 percent [of HUD's foreclosure sales] are sold to investors," said Bob Hunter, president of a real estate investors group in Miami.
February 16, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The U.S. Department of Housing and Urban Development has launched a statewide crackdown in Florida on nonprofit businesses that violate the agency’s home-selling rules.
The move is intended to put a clamp on what has become a common practice in South Florida: the selling of HUD homes to investors by nonprofit groups. Statewide, HUD sold 700 homes to nonprofits last year — about 15 percent of all the HUD homes sold in the state.
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