What Happened To The $1 House Program In Buffalo?

With how tough the housing market has been over the last few years, it should come as no surprise that the City of Baltimore, in Maryland, has been in the news a lot lately.

Much like Buffalo, Baltimore has had several years of disinvestment in its urban areas, causing the city to have many vacant and abandoned houses all over the region. There are whole neighborhoods in Baltimore that are mainly empty and to help combat this trend, city officials in Maryland's largest city have come up with a program we might have heard about before here in Buffalo.

According to WBAL-TV, Baltimore city officials have approved a new program that allows them to sell homes to people for just $1.

The Fixed Pricing Program allows Baltimore residents and those interested in moving to Baltimore the chance to grab one of the nearly 1,000 houses that the city has for just a buck. City officials hope they can achieve the dual goal of reducing vacant properties and simultaneously helping city residents achieve the dream of homeownership.

READ MORE: This New York City Paid More Than $1M To Buy Private Street

If this program sounds familiar to you, it's because it wasn't that long ago that Buffalo received nationwide attention for its own $1 house program.

Where Did Buffalo's $1 House Program Go?

Buffalo's Urban Homestead Program was lauded across the nation as a way to help people become homeowners in Buffalo as thousands of properties became vacant and abandoned across the city.

The program, at the time, allowed people to buy a vacant and abandoned house that the city of Buffalo owned for just $1 if they met certain criteria. In addition to agreeing to live in the house within a certain timeframe, homebuyers had to have immediate access to at least $5,000 (cash, letter of credit, or line of credit) along with other financial-related documents and a rehabilitation proposal.

READ MORE: Guess Who Owns The Most Land In Buffalo

After being in the news for several years, this program hasn't been discussed much lately. However, a review of the city's website will show that the Urban Homestead Program is still around and that people can actively apply for it today.

READ MORE: The Five Most Expensive Houses For Rent In Western New York

However, the website does not mention that the properties can be acquired for a dollar, as the properties are now available below fair market value.

If you're looking for a house, this may be something to look into.