Submitted by kpaul.mallasch
Fire sale in Gary, Indiana Listed Homes for $1 Each
Free Press Report
GARY, INDIANA - In late August, Gary’s mayor, Karen Freeman-Wilson announced they were selling a dozen “fixer uppers” for a buck each. The catch was that the homes needed quite a bit of work in order to be made livable.
The city picked up the houses from homeowners who got behind on their property taxes. Gary currently has around 10,000 empty and abandoned properties in the city, and this “fire-sale” may be just what the city needs to turn around.
The requirements are pretty strict:
- Buyers must have lived in Gary for at least six months;
- have $1,000 in savings;
- earn at least 80% of the local median annual income of $35,250;
- and demonstrate that they have the financial ability to rehabilitate the home.
More than 400 people expressed interest after the initial announcement in June of this year, but not many of them met the basic requirements. Other stipulations were put on the deal as well. The buyer must not own any other property and live in the property for at least five years or they would forfeit everything. Reportedly, this cut the number of finalists who were eligible to just over two dozen.
READ MORE: http://www.munciefreepress.com/node/29646
Source: munciefreepress / MJ-Upbeat.com
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