On September 1, Housing and Urban Development (HUD) announced the National First Look Program, aimed at stabilizing and revitalizing targeted neighborhoods. The program will allow participating grantees of HUD's Neighborhood Stabilization Program (NSP) to have an exclusive first look at purchasing bank owned properties. The purchaser can then rehabilitate, rent, resell, or demolish the property, as the case may be.

    The First Look Program will allow NSP grantees to receive immediate notification when a property is available and then a 24-48 hour window to express interest in the property. The potential purchaser then has between 5 and 12 days to act before the property is released for purchase in the private sector.

    HUD officials suggest that the program will benefit local communities because participating state and local governments and nonprofit groups will be able to acquire these real estate-owned (REO) properties before the private sector, and effectively at a lower cost. This will promote neighborhood stability and recovery in hard-hit areas.

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