The U.S. Department of Housing and Urban Development (HUD) is committed to increasing homeownership among our nation's low- and moderate-income families. In keeping with this goal, HUD's 602 Nonprofit Property Disposition program sells HUD-held single-family homes at deep discounts to units of general local government and nonprofits. The homes are then rehabilitated and resold, providing homeownership opportunities to low- and moderate-income households, with the concomitant benefit of revitalizing economically troubled urban neighborhoods. The Department has sponsored research to identify appropriate baseline information and an associated analytic structure for future evaluations of the 602 Program. This report describes the evaluation strategy and the prospective statistical analysis developed; discusses near-term progress of the 602 Program in three cities: Baltimore Maryland; Salt Lake City, Utah; and Rochester, New York; and provides readers with a general understanding of the operations and potential benefits of the 602 program.