American city is selling hundreds of vacant homes for just $1 to revive ... trends now
The city of Baltimore is selling vacant homes for a dollar apiece to revive struggling neighborhoods.
Currently, more than 13,000 homes in the city sit vacant, often abandoned due to high rates of violent crime.
The city now owns close to 1,000 of them, in what's amounted to an unsuccessful bid to address the decades-old problem.
However, with the new program passed by Mayor Brandon Scott, individual buyers and community land trusts will now be eligible to buy the city-owned vacant homes for as low as $1.
Small nonprofits can also purchase the homes, however for $1,000 apiece. Developers and larger nonprofits can also get a piece of the pie, but would need to pay $3,000. Officials explained the sales program in an official statement.
The city of Baltimore is selling vacant homes for a dollar apiece to revive struggling neighborhoods
Currently, more than 13,000 homes in the city sit vacant, often abandoned due to rates of violent crime. The city owns close to 1,000 of them, in what's amounted to an unsuccessful bid to address the decades-old problem.
'Baltimore City Housing Department's Development Division strategically acquires and manages vacant or abandoned properties, ultimately enabling these properties to be returned to productive use and improving Baltimore's neighborhoods.
'The Fixed Pricing Program will allow for certain City-owned vacant building and lots in specific housing market typologies to be sold for a fixed price.
'Fixed pricing will increase transparence and streamline our disposition process in the City's stressed neighborhoods, which are the most impacted by vacant properties.'
The bulletin goes on to lay out which of the 1,000 city-owned buildings are actually for sale - revealing it's roughly 200 of them.
Prospective tenant were pointed to the DHCD's BuyIntoBmore website, where opportunities are posted and can be claimed. There's a limit of 12 properties per application.
Some have side and back yards, and all are boarded up.
All building sales must be us for residential redevelopment, organizers reiterated - adding that applicants must produce proof of funding for each property rehabilitation.
A minimum of $90,000 in prospective assets is required, as the majority of the shuttered homes are not up to code.
However, with the new program passed by Mayor Brandon Scott, individual buyers and community land trusts will now be eligible to buy the city-owned vacants for as low as $1.
Small nonprofits can also purchase the homes, however for $1,000 apiece. Developers and larger nonprofits can also get a piece of the pie, but would need to pay $3,000
About 200 of the abandoned buildings are up for sale, and there's a limit of 12 properties per application.
Some have side and back yards, and all are boarded up - and all building sales must be us for residential redevelopment
