The city of St. Louis has launched a program to allow people to purchase vacant homes for $1.
The St. Louis Post-Dispatch reports that the city's land bank, the Land Reutilization Authority, has set aside 522 vacant houses for the new Dollar House pilot program. The buildings are single-family residential structures, less than 1,500 square feet and located in neighborhoods that have seen significant divestment in recent years.
Most of the structures aren't move-in ready and applicants must prove they have the financial means to renovate the property. New homeowners have to live in the property for at least three years.
St. Louis Development Corporation spokesman John Parker says the city hopes the program will provide adequate housing and bring in revenue by putting the vacant properties back on the tax record.
