Posts tagged with "vacant properties"

Baltimore Mayor Approves Resurfaced Plan to Sell Vacant Properties for $1

Baltimore city officials have announced a plan to sell vacant properties for $1 to residents who are willing to rehabilitate them. The program is part of the city’s efforts to address the issue of vacant properties, which have become a blight on many neighborhoods.

Under the program, residents will be able to purchase vacant properties for $1, but they will have to agree to rehabilitate the properties within a certain period of time. The city will provide technical assistance and financial assistance to help residents rehabilitate the properties.

The program is expected to generate revenue for the city and help revitalize neighborhoods. It is also expected to create jobs and boost the local economy.  

Here are some of the key details of the program:

  • The program is open to residents of Baltimore city who are willing to rehabilitate vacant properties.
  • Residents will be able to purchase vacant properties for $1.
  • Residents will have to agree to rehabilitate the properties within a certain period of time.
  • The city will provide technical assistance and financial assistance to help residents rehabilitate the properties.
  • The program is expected to generate revenue for the city and help revitalize neighborhoods.
  • It is also expected to create jobs and boost the local economy.

The new housing proposal is modeled after the city’s previous property program from the 1970s when Baltimore had a “dollar house” program, in which residents got to own vacant properties for $1 each under the requirement of fixing them. The Baltimore Board of Estimates approved the program on March 20.

The program was designed mainly for individual buyers and community land trusts. However, for $3,000, developers and large nonprofits can also purchase unoccupied houses (small nonprofits would pay $1,000) as reported by The Baltimore Sun and Afrotech. Home repair grants of $50,000 would also be available to Baltimore recipients who are pre-approved for a construction loan.

For all the details on the resurfaced $1 affordable home ownership policy, visit the Buy Into Bmore website HERE