Gary, Indiana to sell its abandoned homes for $1 [View all]

[theHandpuppet]

At first I thought this was a great idea because it seemed so many poor could finally have the chance to own a home. However, as I kept reading I discovered there was this little caveat:
"...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."

http://www.nytimes.com/2013/08/15/us/a-chance-to-own-a-home-for-1-in-a-city-on-the-ropes.html?hpw
A Chance to Own a Home for $1 in a City on the Ropes
By STEVEN YACCINO
Published: August 14, 2013

GARY, Ind. — As a tower of black smoke rose above this blighted city last week, a group of neighbors huddled across the street from a burning house, trying to guess which other vacant properties on their block would be arsonists’ next target.

“There’s so many,” said Tasha McMiller, 50, a resident dismayed by the estimated 10,000 abandoned homes here. “They’re a burden.”

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.

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....