American city is selling hundreds of vacant homes for just $1 to revive struggling neighborhoods - and they will even give you money to help with renovations

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.

'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.

Applicant experience and readiness for the prospective projects will also be subject to scrutiny, as well as their criminal history.

Applicants must pass these stipulations within 12 months of applying, or lose out on the opportunity permanently. 

For properties sold as residences, city officials ask that buyers pay a pro-rated portion of $3,000 calculated based on the year it is sold.

To qualify for the $1 opportunity, homeowners must maintain the building as a primary residence for a minimum of five years, after they obtain their occupancy permit, which itself is obtained within 12 months of purchase.

Community land trusts centered around affordable housing will also have access to the $1 fixed pricing, while other opportunities range from $500 to $3,000. 

These include a litany vacant lots and homes to be bought by developers, who will be required to pass the same criteria as homeowners. 

That said, the program is meant to prioritize buyers over developers, with the hope being that those who buy the vacant homes or lots will fix them up and live in them, though the soundness of that logic has been debated.

Local figures like City Council President Nick Mosby have argued that without specific written protections, residents won't be given priority in buying the properties, being pushed aside by more moneyed developers.

He and others claim that there's nothing protecting tenants from being pushed out when neighborhoods improve, which is the city's hope.

'This is a bad policy because it doesn’t protect or prioritize the rights of folks in these communities,' he told the Baltimore Sun.

But city board approved the measure on on March 20 in a 4-1 vote, paving the way for $1 sales.

As incentive for buyers, the city is offering home repair grants of $50,000 to individuals who are pre-approved for a construction loan, Bloomberg reported - though they will still need to meet the $90,000 mark when proving funding.

Meanwhile, Charm City continues to make headlines for its crime rate, which ranks well above the national average. 

However, in a ray of sunshine earlier this year, the city recorded less than 300 homicides last year for the first time in nearly a decade, ending a surge that began in 2015 following the death of Freddie Gray, which sparked civil unrest and violence.

The 20 percent annual decrease, which city leaders called the largest ever, suggests Baltimore’s ongoing anti-violence efforts are working, if not slowly.

'We’re finally seeing those efforts paying off and saving lives,' Mayor Brandon Scott said at a news conference in July.

Meanwhile, several other cities have also reported declines over the past several months following a pandemic peak, and gun violence, particularly in vacant overrun neighborhoods like Broadway East, Franklin Square, Gay Street, Penn-North, Rosemont and Shipley Hill, continues.