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Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act intended to promote "revitalization, through expanded homeownership opportunities.” HUD-owned single-family properties located in a Revitalization Areas are eligible for discounted sale through special programs, including the Asset Control Areas (ACA) Program, and the Good Neighbor Next Door (GNND) Program.
Revitalization Areas are determined by comparing a block group's median household income and home ownership rate to the respective rates of the surrounding area. If the block group is located in a CBSA Metropolitan area, then the metro area is used. However, if the block group is located in a Non-Metro area, then the state rate is used.
This dataset also provides several variables relating to REO, and FHA activity in the block group including:
- Average REO sales price over the last 12 months;
- 90-day FHA defaults;
- 90-day FHA defaults in foreclosure;
- Active FHA-insured single-family loans;
- Active REO properties, and;
- A 2-year history of REO closings.
Data for median household income are sourced from the 2012-2016 American Community Survey 5-year Estimates, Table B19013 - Median Household Income in the Past 12 Months (in 2016 inflation-adjusted dollars) and single-family homeownership rates are sourced from the 2012-2016 American Community Survey 5-year Estimates, Table B25032 – Tenure by Units in Structure. Data for HUD single family FHA loans and REO extracted from the Single-Family Data Warehouse in December 2018.
To learn more about the HUD FHA Revitalization Areas Program visit: https://www.hud.gov/program_offices/housing/sfh/reo/abtrevt/
Data Dictionary: DD_Revitalization Areas
Date of Coverage: 12/2018