Program Transforms Abandoned Homes Into Housing
"Homeworks was established by the Department of Housing Preservation and Development in 1995 'to put back into productive use as housing distressed and vacant residential buildings largely clustered in city neighborhoods that were devastated by real estate abandonment, arson and disinvestment in the 1970's and early 1980's'... Under Homeworks, which grants subsidies that bridge the gap between costs of construction and selling prices, the city sells the properties to developers for $1 apiece. The developers then rebuild the houses and sell them at market rate."
Thanks to Abhijeet Chavan