AFFORDABLE HOUSING ASSISTANCE, INC IS A HUD-APPROVED NON-PROFIT EXEMPT FROM THE 90 DAY FLIPPING RULE.
Mortgagee letter 2006 -14 confirms that Nonprofits approved to purchase HUD REO properties at a discount are exempt from the 90 day flipping rule. This letter can be found on HUD’s website at http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/06-14ML.doc
The HUD approved non-profit roster lists Affordable Housing Assistance, Inc. as HUD-approved, and thus an exempt non-profit.
This roster can be found on HUD’s website at http://www.hud.gov/offices/hsg/sfh/np/np_atl.pdf
The mortgagee references "resale restrictions" for approved non-profits. These resale restrictions limit the type of buyer that can purchase these homes. The customer has to be a first time buyer, make under a certain amount dependent on the number of persons in their household, etc.
Included in the Agent/Buyer Information is a copy of the standard Affordable Housing Assistance, Inc. addendum that references these specific resale restrictions.
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