To revitalize some of Baltimore’s most troubled areas, the city will sell over 200 city-owned abandoned homes to citizens for as little as $1 each.
According to The Baltimore Sun, the resolution was adopted by the city board on Wednesday by a vote of 4-1.
The city of Maryland’s crime rates have resulted in an excess of unoccupied properties in specific neighborhoods. According to the city, there are around 15,000 abandoned properties in Baltimore.
What is Baltimore’s $1 home project?
The $1 home project, which was approved this week, will target approximately 200 of those city-owned homes. The properties will be marketed to Baltimore citizens who agree to restore and live in them.
The initiative is intended to motivate Baltimore natives to purchase the cheap properties, although developers and organizations can also purchase the vacant homes for $3,000, according to local news reports.
Bloomberg reported that the city is giving $50,000 in home repair subsidies to individuals who have been pre-approved for development financing.
Baltimore implemented a similar housing scheme in the 1970s, offering homesteaders the opportunity to purchase abandoned dwellings for $1 if they committed to repairing them.
The present version of the proposal has Baltimore Mayor Brandon Scott’s support, although some city council members are concerned. During a Wednesday meeting, Baltimore City Council President Nick Mosby questioned whether Scott’s administration had done enough to ensure that Baltimore residents get first dibs on the homes, citing concerns that the project could eventually push poorer people out, The Sun reported.
However, city housing authorities believe there is a 90-day window in place to allow Baltimore locals to get first dibs on the homes, according to the outlet.