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ST. LOUIS (AP) – The city of St. Louis has launched a program to allow people to buy vacant homes for $ 1.
the St. Louis Post-Dispatch reports that the city's land bank, the Land Reutilization Authority, has booked 522 vacant homes for the new Dollar House pilot program. These are single-family residential buildings with less than 1,500 square feet in neighborhoods that have experienced significant divestment in recent years.
Most structures are not ready to move in and applicants have to prove that they have the financial means to renovate the property. New owners must live in the property for at least three years.
St. Louis Development Corporation spokesman John Parker said the city hoped the program would provide adequate housing and generate revenue by putting vacant properties back into the tax file.
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Information from: St. Louis Post-Dispatch
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