Non-Profit Bidders Successfully Purchase more than 800 Mortgage Notes through HUD-Held Vacant Loan Sale
Industry Update
December 13, 2021
Source: MarketScreener.com
The U.S. Department of Housing and Urban Development’s Office of Asset Sales announced on Thursday that 23 mission-driven non-profit organizations successfully participated – and 11 were awarded pools – in its December 1, 2021, competitive bid HUD-held Vacant Loan Sale. Collectively, these organizations successfully won bids on 814 mortgage notes – the entire volume of notes eligible for priority bidding.
Consistent with the Biden-Harris Administration’s September 1, 2021, announcement that more HUD-owned properties should be returned to future owner-occupancy, HUD offered up to 50 percent of the notes in the multi-loan pools for bids first by eligible non-profit organizations and units of state and local government. Previous sales prioritized approximately 10 percent of the mortgage notes for this purpose.
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