Officials in a Maryland city are addressing a vacant home crisis with a program that will practically give houses away.
Residents in Baltimore who qualify could scoop up a house for just $1, thanks to the BuyIntoBmore Fixed Pricing Program which would currently affect a little more than 200 homes. The program, suggested by City Council President Nick Mosby, is aimed at the present crisis with more than 13,500 vacant homes in Baltimore, according to the Department of Housing and Community Development (DHCD).
The first phase of the program begins April 1 and runs for 90 days. It has not been without its share of critics.
“Properties purchased for use as a primary residence will sell for $1!! Applicants must provide proof of available funding of no less than $90,000 to complete the renovations and are subject to the application vetting process. Applicants may inquire with Live Baltimore and DHCD Office of Homeownership for any available incentive programs they may qualify for,” the DHCD states on the website.
Baltimore plans to sell boarded-up houses for $1 each in an attempt to revive neighborhoods that have been plagued by crime and disrepair
The program will offer more than 200 city-owned vacant properties to residents who commit to repairing and living in them. A city board… pic.twitter.com/TFtN4SE9R4
— Evan (@StockMKTNewz) March 23, 2024
“All applicants must have an AVAILABLE budget of $90,000 for property rehabilitation per property applied for. Most of the City’s inventory will require significant rehabilitation to bring the property to code. Estimates range between $125 – $150 per square foot to complete a rehab, and, as such, most rehabs may require more than $90,000,” the Department explained.
“However, DHCD determined that $90,000 is the minimum amount of assets or financing a purchaser would need to have to prove that they could afford to complete the scope of work. Therefore, to keep the vetting process clear, consistent, and equitable, $90,000 per property is applied across the board, the website says.
The second phase of the plan is called “Charm City Roots” and focuses on the “emotional connection and sense of belonging that comes with owning a home with familial or legacy ties in Baltimore.”
Those with a “connection to a vacant property that is not City-owned will be able to express their interest in purchasing that home as their primary residence.”
During the beginning phase of the program, any large nonprofits with 51 or more employees as well asdevelopers would be required to pay $3,000 for one of the city-owned homes.
“Baltimore boasts one of the highest crime rates in the United States. The probability of falling victim to either violent or property-related offenses in this city stands at 1 in 21. This crime rate surpasses that of communities across the spectrum, ranging from small towns to sprawling metropolises,” the New York Post reported.
“This $1 measure, greenlit by a city board last Wednesday, echoes the spirit of Baltimore’s historic “dollar house” program of the 1970s, which saw homesteaders revitalizing communities one house at a time,” the outlet added.
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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FAQs
BALTIMORE - Baltimore, Maryland, city officials approved a program that would sell city-owned vacant homes for next to nothing at $1 for some applicable residents.
How to buy Baltimore homes for $1? ›
Purchase Information: Properties purchased for use as a primary residence will sell for $1!! Applicants must provide proof of available funding of no less than $90,000 to complete the renovations and are subject to the application vetting process. Applicants are required to pay a $100 application fee.
Why does Baltimore have so many vacant houses? ›
Since 1950, Baltimore City has lost over 350,000 residents as the population of surrounding counties has grown. The city declined from being 40% of the State's population to 10%. This decrease in effective demand for housing resulted in disinvestment, abandonment, and a dramatic increase in vacant housing units. Q.
How to buy a house from the city of Baltimore? ›
The Open Bid Program allows qualified individuals or entities to bid on individual or small bundles of City-owned properties. Use the BuyIntoBmore site to search these properties for the best investment you will ever make! To purchase a City Owned property, complete the Open Bid application.
What is the Baltimore dollar home program? ›
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.
Who owns the vacant houses in Baltimore? ›
More than 13,000 homes in Baltimore are vacant. The city owns close to 1,000 of them. Individual buyers and community land trusts are eligible to buy the city-owned vacant houses for $1. Small nonprofits can purchase the homes for $1,000.
What does it mean when a house sells for $1? ›
When a property is sold for $1, it is usually a symbolic amount that signifies a transfer of ownership, often within a family. This type of transaction is typically considered a gift, and the sale is perceived as a gift for tax purposes.
Is buying a home in Baltimore a good investment? ›
With its unique qualities and growth potential, Baltimore, Maryland, is one of the best cities to invest in real estate. Here, you'll be able to capitalize on benefits ranging from a diversified real estate portfolio to growth potential.
Is now a good time to buy a house in Baltimore? ›
Median Home Value
This is 8% higher than the national average for this year. The average rent in Baltimore is $1,785 and the average price-to-rent ratio is 17.3. This is an important metric for people who live in Baltimore. If the score is below 15, it's a good indication that now is the time to buy, if you can.
Is Baltimore a declining city? ›
Between 2010 and 2022, Maryland had the largest growth with 375,876 new residents. the US had the largest decline with 0 fewer people. Among counties, Baltimore city, Maryland had the largest growth with -51,011 more people. Baltimore city, Maryland had the largest decline with 51,011 fewer residents.
Baltimore struggles with racial segregation, high rates of violent crime, a struggling public school system, and a large share of single-parent households—all factors that can hurt the city's income mobility rates and opportunity.
Why not to live in Baltimore? ›
MoneyGeek ranked Baltimore as the thirrd most dangerous city in the U.S., out of 263 cities with populations over 100,000 people. However, much of Baltimore's crime happens in specific, poverty-stricken, drug- and gang-ridden neighborhoods — not throughout the whole city.
What is the Baltimore City Homeowner Grant? ›
The First-Time Homebuyers Incentive Program (formerly Community Development Block Grant (CDBG) Homeownership Assistance Program) provides $10,000 in down payment and closing cost assistance to eligible first-time homebuyers purchasing a home in Baltimore City.
What credit score is needed to buy a house in MD? ›
The required credit scores for mortgages in Maryland differ based on the type of loan. Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.
What are the incentives to buy a house in Baltimore? ›
Baltimore First Time Homebuyers Incentive
Baltimore City's Housing Department's First Time Homebuyer Incentive is a $10,000 five-year forgivable loan to first-time homebuyers to assist with downpayment and settlement expenses. Homebuyer's family income must be 80 percent or below the area median income.
Is it a good idea to buy a house in Baltimore? ›
With a median home price that is significantly lower than the national average, many real estate investors will find affordable opportunities in Baltimore. And with the expected high demand for rentals due to the city's increasing population, it's easy to find a profitable investment in this city.
Is buying property in Baltimore a good investment? ›
With its unique qualities and growth potential, Baltimore, Maryland, is one of the best cities to invest in real estate. Here, you'll be able to capitalize on benefits ranging from a diversified real estate portfolio to growth potential.
