Asset Control Area (ACA) Program
Congress created the nationwide ACA initiative in 1998 to enable local governments and qualified non-profit developers to acquire Federal Housing Administration (FHA)-owned homes at a discount for rehabilitation and resale to buyers in targeted communities with high foreclosure and low homeownership rates. The program promotes several important objectives: increasing homeownership opportunities for low- to moderate-income households, stabilizing distressed neighborhoods, transitioning federally foreclosed homes back into stable assets for communities, limiting losses from future foreclosures, and preventing real estate speculation that exacerbates neighborhood blight and homeownership disparities. Under the ACA program, HUD sells foreclosed homes in designated revitalization areas (see maps, below) to local governments and experienced non-profit organizations at a discount.
In 2006, New York City's Department of Housing Preservation and Development (HPD) and Restored Homes executed an agreement with HUD that designated Restored Homes as the New York City participant in the ACA program.
The homes purchased by Restored Homes under the ACA Program are rehabilitated to help facilitate the long-term success of the homebuyers and to make significant investments in the future of their neighborhoods. In order to best achieve these goals, Restored Homes works with community-based non-profit and for-profit housing development organizations to develop the homes, identify eligible homebuyers and ensure that new homebuyers will be prepared for the financial obligations of homeownership.
Click on Thumbnails for Downloadable Images.
DownloadsHUD ACA Press Release
New York City ACA Press Release