BALTIMORE — Officials in Baltimore have approved a program that would allow vacant homes owned by the city to be sold for a dollar.
Baltimore’s Board of Estimates voted in favor of the program on Wednesday morning, according to USA Today.
It will allow people to apply to buy certain properties if they can show proof that they can spend at least $90,000 to renovate them, WMAR-TV reported. Officials hope that by offering homes and lots at a low cost, people will be able to put work into the properties and improve them, helping to improve the city.
Nonprofits can purchase a house or lot for $1,000 while developers can buy properties for $3,000, according to the news outlet and city officials. Individuals who buy a $1 property must agree to live there for at least five years.
There are over 13,000 houses in Baltimore that are vacant, according to WBAL-TV. Around 1,000 of those vacant houses are owned by the city.
The Department of Housing and Community Development will start reviewing applications on April 1, WMAR reported.
More information, including a new pricing structure for city-owned houses, will be available on the “Buy Into BMore” website, WBAL reported.
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