how to buy a home in Baltimore for $1
don't forget to read the fine print, hotties!
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Hello to the 859 hotties who subscribe to this newsletter! Thank you for being here.
On Wednesday, March 20, Baltimore officials voted in favor of a program that allows residents to buy city-owned, vacant properties for just $1. Baltimore has about 13,500 vacant properties but only 900 are owned by the city.
The priority application period begins on April 1, 2024. Browse a map of available homes at buyintobmore.baltimorecity.gov. Choose “Fixed Price Program” once you’ve selected a home to fill out the application. More details about the Fixed Price Program can be found at dhcd.baltimorecity.gov/fixed-pricing-program.
The fine print: Homebuyers must prove that they can spend at least $90,000 on the renovations to qualify
Experts predict that these vacant homes will need at least $150,000 to $250,000 of renovations. In order to qualify to buy these $1 homes, applicants must prove to the Maryland Department of Housing and Community Development (DHCD) that they can pay at least $90,000 for renovations to bring the property up to code.
Low-income applicants may apply for up to $50,000 in home renovation loans through the Maryland Housing Rehabilitation Program, though additional funding is not guaranteed.
The city will also review your criminal history and check if you have any state or federal liens to assess eligibility.
You must complete renovations within a year and live in the home for five years
According to the DHCD, the intention behind the program is to increase homeownership opportunities for more of the city’s residents and “contribute to a more equitable city.”
If you are chosen to buy a $1 vacant home, DHCD’s Fixed Pricing Program website says you must finish renovations within a year and use the home as your primary residence for five years.
While for-profit developers and non-profit organizations can bid for the same properties for $3,000 instead of $1 with different stipulations, DHCD says it will prioritize applicants who plan on using the homes as their primary residence.
A 2019 study by the National Community Reinvestment Coalition shows that Baltimore has the fifth-highest rate of gentrification in the United States, right after New York City, Los Angeles, Washington DC, and Philadelphia. If implemented correctly, the Fixed Price Program could serve as a model for slowing gentrification in major citiies.
Tell your queer & trans friends in Maryland!
According to Erin Reed’s Anti-Trans Legislative Risk Map, Maryland is one of the most protective states for trans rights. It would be a dream if queer & trans folx in Baltimore could scoop up these affordable homes. Send this newsletter to a queer and/or trans friend.
Wishing all of you hotties a good weekend & everlasting housing stability,
Leo