In a remarkable move, the city of Baltimore, Maryland, is offering a once-in-a-lifetime opportunity for individuals to purchase vacant properties for the unbelievable price of just $1. This innovative program, dubbed “BuyIntoBmore,” aims to breathe new life into the city’s abandoned homes and empower residents to become homeowners.
The city’s Board of Estimates, after a 4-1 vote, has approved a new pricing structure that will make these properties accessible to a wide range of buyers. Under the fixed pricing program, individuals planning to use the property as their primary residence, as well as community land trusts, can snap up a home for a mere $1. Even non-profit organizations with fewer than 50 employees can get in on the action, with a slightly higher price tag of $1,000 per property.
But the deal doesn’t stop there. Developers and larger non-profits with more than 50 employees can also participate, though they’ll have to shell out $3,000 for the privilege. It’s a small price to pay for the chance to transform a vacant eyesore into a vibrant, revitalized home.
City council president Nick Mosby, the lone dissenter in the vote, raised concerns about the program’s potential to push out lower-income residents. However, the city’s Department of Housing & Community Development has assured that the $1 homes come with a catch – buyers must commit to restoring the residence and have at least $90,000 to pour into the project.
This isn’t the first time Baltimore has dipped its toes into the $1 housing game. In the 1970s, the city piloted a similar program, selling homes to “homesteaders” for a dollar. And across the pond, Italian cities have found success with their own “one-euro house” initiatives in recent years.
Now, it’s Baltimore’s turn to shine. As the city council president put it, “If affordability, and affordable home ownership, and equity, and all of the nice words we like to use are really at the core competency as it relates to property disposition, this is a really bad policy.” But for the determined and resourceful residents of Baltimore, this is a chance to prove him wrong and transform the city’s vacant properties into vibrant homes.
Act fast, Baltimore – the opportunity of a lifetime is here. Head to the Department of Housing & Community Development and submit your application today. Who knows, with a little elbow grease and a dollar to your name, you could be the proud owner of a brand-new Baltimore abode.
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