You can become a homeowner for just a dollar in this major city

Photo by Kindel Media from Pexels

Homeownership is part of the American dream, and this city is selling it for a buck.

High taxes, crime, and socialist lending practices have turned large parts of this city into a virtual ghost town.

So now this city is trying to revitalize their dead areas by giving away abandoned houses for one dollar in hopes of getting people to come back.

Baltimore is selling homes for a buck

City officials in Baltimore, Maryland have approved a new program that would sell some city-owned vacant homes for a measly $1 to applicable residents.

The Department of Housing and Community Development (DHCD) created the Fixed Pricing Program to help reduce the number of over 13,500 homes sitting in Baltimore that are vacant.

Currently, city officials say just over 200 homes are part of the program.

The DHCD says the homes would only be sold to people who are willing to invest their money into fixing the homes, most of which are run-down.

Applicants must show proof that they have a minimum of $90,000 to complete a renovation per home, and they must also pass an application vetting process. 

People who are interested in participating in the program can apply starting on April 1.

All applicants will be vetted based on the amount of available funds they have for rehabilitation of the home, their criminal history, and whether they have any open federal or state liens or judgments. 

City residents will have a 90-day window for priority buying before outsiders can apply.

Developers would have to pay $3,000 per home as well as large nonprofits with 51 or more employees, and nonprofits with fewer than 51 employees, will pay $1,000 per home.

Baltimore’s City Council President Nick Mosby was able to get the board to defer the pricing proposal for two weeks after expressing concerns, but the spending board ended up passing the new pricing structure in a 4-1 vote, and Mosby was the only “No.”

In total, there are over 13,000 vacant homes in Baltimore, and the city owns nearly 1,000 of them.

Both regular citizens and community land trusts will be eligible to buy the city-owned vacant homes for $1.

Baltimore hopes for a renaissance

Baltimore officials hope that the new program will allow residents to buy vacant homes or lots so they can be repaired and lived in.

But Mosby argued that since there are no specific written protections, those residents won’t get priority in buying the properties and will eventually be pushed out of the homes once the neighborhoods start to improve.

City Comptroller Bill Henry said, “I did agree with a lot of the president’s concerns about the problems that we’re facing in terms of affordable housing and in some places, gentrifying of neighborhoods. I think the disagreement here today was, this is not the vehicle that’s going to address a lot of those concerns.”

Anyone interested in looking at the most up-to-date list of available homes can find them on the “Buy Into BMore” website. 

Informed American will keep you up-to-date on any developments to this ongoing story.