Slated to premiere May 31, the show will feature five neighboring families participating in a winner-take-all design competition, in which one family will win a cash prize that could help pay off their mortgage.
In each episode of the four-part series, Lachey will reveal a home improvement challenge in which teams will compete to create the best design in their own home.
"The success of our first reality competition, 'HGTV Design Star,' showed us that HGTV viewers enjoy design competitions and value programming that shows them new ways to upgrade or improve their homes," Freddy James, senior vice president of programming at HGTV, said in a statement. "'HGTV's $250,000 Challenge' gives participating homeowners a cash stake in making smart design choices that enhance their lives and increase the value of their homes."
Lachey is a former member of the boy band 98 Degrees and a winner of "Dancing with the Stars."
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