CORINNA – The town paid $1 for the three-bedroom, two-bath home located across from the town office and will soon decide on an asking price for the property.

In October, the U.S. Department of Housing and Urban Development offered the town an opportunity to buy a foreclosed property as part of the “$1 Home Sales to Local Governments Program.”

The town closed on the purchase Nov. 26, according to Town Manager Judy Doore.

The HUD program gives towns an opportunity to create affordable housing by linking with nonprofit organizations to resell HUD properties to first-time homebuyers, teachers, law enforcement officers and firefighters. The properties can also be used as homeless shelters, day care centers or other needed public facilities.

Corinna officials did not attach restrictions to applicants with specific professions, but will sell the property as a home.

The purchaser must be eligible in terms of income as determined by Penquis CAP, the nonprofit agency involved in the project.

The town will collect the names of potential buyers, and Penquis CAP will go through the application process to find an income-eligible buyer for the home. The agency will also coordinate any rehabilitation of the home with the owner.

“We’re doing our part to make the home available for first-time homeowners,” Doore said, explaining that the sale may not be restricted to first-time homeowners if income-eligible applicants don’t qualify for the buy.

The home at 4 Nokomis Road is in good condition, but will still need some rehabilitation, she said after touring the property this week.

The selling price will be determined by selectmen after an appraisal.

People interested in the home who believe they may be eligible should contact the town office. The names of applicants will be forwarded to Penquis CAP for processing.