Just south of Chicago, the city of Gary is suffering from post-industrial blight, decaying infrastructure, and declining finances - an all too common trajectory in the Rust Belt. A program selling vacant homes for $1 hopes to stabilize neighborhoods.
"Officials say that a third of the houses in Gary are unoccupied, hollowed dwellings spread across a city that, like other former industrial powerhouses, has lost more than half its population in the last half-century," writes Steven Yaccino. "While some of those homes will be demolished, Gary is exploring a more affordable way to lift its haggard tax base and reduce the excess of empty structures: sell them for $1."
"The program, announced in June, will offer Gary residents a chance to pay less for a house than for their morning coffee, as long as they meet a minimum income threshold (starting at $35,250 for one person) and demonstrate the financial ability to bring the neglected property up to code within six months. Those selected would have to live in the home for five years before receiving full ownership."
FULL STORY: A Chance to Own a Home for $1 in a City on the Ropes
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