Department of Housing and Urban Development May 10, 2023 – Federal Register Recent Federal Regulation Documents

This notice announces HUD's intention to competitively offer approximately 1,237 reverse mortgage notes secured by vacant properties with a loan balance of approximately $318 million. The sale will consist of due and payable Secretary-held reverse mortgage loans. The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a non-borrowing spouse. The Secretary will prioritize up to 50 percent of the offered assets for award to nonprofit organizations or governmental entity bidders with a documented housing mission. This notice also generally describes the bidding process for the sale and certain entities who are ineligible to bid. This is the tenth sale offering of its type and will be held on May 23, 2023.