Posted on 01/14/2019 12:56:18 PM PST by rightwingintelligentsia
Saving up for a home's down payment can be a hefty task that's financially out of reach for many. But the town of Gary, Indiana has a special program to make home ownership easier by selling a handful of homes every year for just $1 apiece.
Called the Dollar House Program, the initiative opens home ownership up to those who would not otherwise be able to afford a traditional mortgage sale, says Lakia Manley, the housing coordinator of Gary's Community Development Division.
The program also addresses a chronic problem for the town. Since the 1960s, a decline in the steel industry has led to a dwindling population and an abundance of unoccupied and abandoned homes, Business Insider notes.
Homeowners are selected through a lottery system and must meet a few key requirements. They must rehabilitate the home within one year, occupy the home for a minimum of five years and have a minimum annual income of around $35,000 a year per person.
(Excerpt) Read more at cnbc.com ...
I’d to pay property taxes. No thanks. I’d rather live in an assisted living home, extended stay motel or an apartment.
The last thing on earth I want to do is to maintain a home. I wouldn’t move into one if it was offered to me for free.
Wow, I bet that was something you’ll always remember. Glad you made it.
It must be much worse now.
Lol. Funny scene.
Been there.
No thanks.
Sell bushels of Indiana corn for $1.
See if the farmers like that.
See if the mortgage debt laden homeowner wants his neighborhood sold for $1.
They tried this in Newark NJ a few years ago on Valentines Day; they offered vacant lots for $1,000, with the stipulation that you build on it and live there for at least 5 years. People lined up for them, but they stayed vacant - the gibsmedats realized they were being converted from takers to property tax payers (in a city with no real tax base). Total fail...
I believe Jim Jones grew up around Gary and began his church there as well.
2 cents is to much, it was crime riddled even when I lived in Hessville, burb of Hammond, IN in the 60’s. As bad as Chicago, DEM owned.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.