Baltimore officials recently approved a groundbreaking program that would allow residents to purchase city-owned homes for only $1.
Mayor Brandon Scott is spearheading the plan, which will put over 200 city-owned vacant properties found on the "Buy Into BMore" website for a mere dollar each. The initiative was approved last week by the city's Board of Estimates.
There are over 13,500 vacant properties in Baltimore, nearly 900 of which are owned by the city, according to data from the Department of Housing and Community Development.
Who Can Buy the $1 Baltimore Homes?
Individuals who plan to purchase a home must promise to renovate the property. They must also have at least $90,000 to spend on the renovation. Additionally, owners are required to move into the property within a year of purchase and stay there for at least five years.
Under the program's terms, only individual buyers and community land trusts can purchase city-owned properties for $1. The price goes up to $1,000 for nonprofits with 50 or fewer employees. Developers and nonprofits with more than 50 employees would have to cough up $3,000 to purchase city-owned properties included in the initiative.
It is unclear if Baltimore City residents get higher priority in buying the homes. City Council President Nick Mosby, who was the only lawmaker to vote against the passing of the initiative, said the program had guardrails written in place to ensure city residents get first pick, per USA Today. Mosby also noted that there are no guardrails that prevent homeowners from being forced out of the neighborhood when the conditions in the area improve.
What's Behind the $1 Initiative?
Baltimore's $1 measure is similar to its historic "dollar house" program in the 1970s, which saw communities being revitalized one house at a time.
However, the measure could also be part of the city's effort to breathe life back into its neighborhoods. Baltimore currently boasts one of the highest crime rates in the United States. At least 1 in every 61 residents falls victim to violent crimes, and 1 in 30 may become a victim of property crime, according to Neighborhood Scout.
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