Current:Home > ScamsYou could buy a house in Baltimore for $1, after plan OK'd to sell some city-owned properties -Wealth Nexus Pro
You could buy a house in Baltimore for $1, after plan OK'd to sell some city-owned properties
View
Date:2025-04-15 07:10:39
Baltimore officials approved a program that would sell city-owned vacant homes for as little as $1.
The city's Board of Estimates voted on the program during a meeting on Wednesday morning, despite pushback from City Council President Nick Mosby.
The board passed the new pricing structure for city-owned vacant homes on the "Buy Into BMore" website in a four-to-one vote where Mosby was the sole opposition.
Baltimore has over 13,500 vacant properties, nearly 900 of which are owned by the city, according to the Department of Housing and Community Development.
The fixed-price program would only apply to certain city-owned properties, according to a page on DHCD's website.
Buyers need to promise to fix up the homes
Those purchasing a home in the program must promise to renovate the property and have at least $90,000 to fix it up. Owners must also move in within a year, and stay in the home for five years.
During Wednesday's meeting, Mosby said the program does not have guardrails written in place that would ensure city residents had priority to buy these homes and won't be forced out of these neighborhoods when their conditions improve.
“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,” Mosby said. “This is a bad policy because it doesn’t protect or prioritize the rights of folks in these communities.”
Who can buy a home for $1?
As part of the program, only individual buyers and community land trusts would be able to purchase the properties for $1. Nonprofits with 50 or fewer employees would pay $1,000 while developers and nonprofits with more than 50 employees would have to pay $3,000.
veryGood! (2265)
Related
- Pressure on a veteran and senator shows what’s next for those who oppose Trump
- Coca Cola v. Coca Pola
- Hurricane Nigel gains strength over the Atlantic Ocean
- Attack on Turkish-backed opposition fighters in Syria kills 13 of the militants, activists say
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- Giant pandas in zoos suffer from jet lag, impacting sexual behavior, diets, study shows
- Gisele Bündchen Reflects on Tough Family Times After Tom Brady Divorce
- Why Alabama's Nick Saban named Jalen Milroe starting quarterback ahead of Mississippi game
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Former NFL player Sergio Brown missing after mother found dead
Ranking
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Judge to decide if former DOJ official's Georgia case will be moved to federal court
- Melinda French Gates calls maternal deaths in childbirth needless, urges action to save moms, babies
- As Marines search for missing F-35, officials order stand-down for all jets
- Have Dry, Sensitive Skin? You Need To Add These Gentle Skincare Products to Your Routine
- Florida jury pool could give Trump an advantage in classified documents case
- A bus plunges into a ravine in Montenegro, killing at least 2 and injuring several
- Rapper Travis Scott is questioned over deadly crowd surge at Texas festival in wave of lawsuits
Recommendation
A South Texas lawmaker’s 15
Gov. Healey of Massachusetts announces single use plastic bottle ban for government agencies
Olivia Rodrigo's Ex Zack Bia Weighs In On Whether Her Song Vampire Is About Him
Winning Powerball numbers announced for Sept. 18 drawing as jackpot hits $639 million
Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
Chris Stapleton, Snoop Dogg add new sound to 'Monday Night Football' anthem
What Alabama Barker Thinks of Internet Trolls and Influencer Shamers
Lawsuit by Islamic rights group says US terror watchlist woes continue even after names are removed