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 ...
$1 in Gary is too much.
A group of us riding motorcycles several years ago had to make a stop in Gary for gas. There were 5 of us, armed to the teeth and at least 3 very well trained (LEO, Military and professional firearms expert). I didn’t feel like we were safe at all. If you’re ever in the area, don’t stop. Just keep on driving.
Didn’t Detroit have dollar homes, at one time, too?
Not this same program, but IIRC, homes were selling for $1.
I wonder what the property taxes are, on these homes.
I used to fly over Gary in the 1980s when the steel mills were still working; it looked like Hell and I’ve heard its worse on the ground.
Yeah, and with $75,000 worth a improvements you’ve got a small house in a very bad neighborhood.
Do you know how many people are still living there?
Sounds like the trick here is that you can own a home in Gary, cheap. But they will probably put a confiscatory income tax on anyone living in Gary making more than, say, $20,000. Then, raise the minimum wage in the town to $17.50/hour. $17.50/hr * 40 hours * 50 weeks works out to about $35,000, just enough to qualify for the $1 home.
A vicious cycle in which the residents of Gary, most likely LIV’s, think they are getting a great deal on the house, until reality strikes!
Three guesses on the ethnicity, gender and political affiliation of their mayor.
Joke. The city probably has huge tax and other bill liens, including demolition orders.
Even if they gave me a dollar, it wouldn’t entice me at all.
I’m guessing the property tax valuation isn’t $1 so you’re still screwed. Gary is Chicago’s urinal.
RE: Didn’t Detroit have dollar homes, at one time, too?
Yes. However, the city seems to be experiencing some sort of a revival the past few years.
I believe the caveat on the Detroit $1 homes is you had to pay the back property taxes.
Gary is the armpit of Indiana and no sane person would ever move there.
To think it was once celebrated in a song in “The Music Man” and sung by little Ronnie Howard.
The problem with many of the Detroit homes were that they might be the only house left on the block. In most cases the houses were not inhabitable even if gutted down to the studs. You would be better off demolishing the entire house and starting over.
Some streets they stopped municipal services because there was only one house left on the block. That means they did not deliver mail or plow snow in the winter or fix pot holes.
Maybe Gary IN is next!
If you’re ever in the area, don’t stop. Just keep on driving.
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About 15 years ago I was told never to stop in East St. Louis for gas or anything else.
Gary was laid out in 1906 as a company town of the US Steel Corporation, adjacent to the vast USS Gary Works, at one time the largest integrated steel mill in the world. It was named after Elbert Gary, the first CEO of USS.
Up until the mid-50s’ Gary was a thriving community however during the early 60’s white residents began to leave due to increasing racial tensions. This accelerated after the race riots of the late 60’s.
Today AA’s make up about 85% of the population. The crime and corruption endemic in the local government has become so pervasive that recently there has been a suggestion that the State of Indiana should take over operation of the city.
Gary is an urban wasteland. Riders on the South Shore commuter railroad which passes through the north side of Gary can get a glimpse of what the rest of the city looks like in relative safety. It makes one sick to see what is left of a once great community.
To think it was once celebrated in a song in “The Music Man” and sung by little Ronnie Howard.
https://www.youtube.com/watch?v=xjP2O9Qe4Ek
(A little painful to listen to :)
Also, isn’t Gary the hometown of The Jackson 5?
https://www.youtube.com/watch?v=0F_041ncqg0
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