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O.C. BUSINESS PLUS | HEARD ON THE BEAT / REAL ESTATE

HUD Program Offers Teachers Home Deals in Distressed Areas

March 15, 2000|DARYL STRICKLAND | TIMES STAFF WRITER

The federal government hopes that by providing financial incentives for schoolteachers to live in low-income districts where they work, the homeownership rate in those areas will increase.

The Department of Housing and Urban Development has launched its Teacher Next Door program that allows private and public school teachers to buy HUD-owned homes in distressed neighborhoods at a 50% discount from the published price.

A similar program for police officers generated sales of more than 3,000 single-family homes, condominiums and townhouses nationwide.

In Orange County, the available homes are in the 92701 and 92706 ZIP Code areas of Santa Ana. The houses offered for sale were foreclosures and might cost less than $100,000.

Information: (800) 217-6920.

Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670, and at daryl.strickland@latimes.com.

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