Developers Line Up to Hear About Buying Properties for a $1
Great interest and bitter disappointment today at a city hall gathering focused on a plan to fix up foreclosed houses in Milwaukee's Sherman Park Neighborhood.
It was standing room only inside a small room at city hall, but many folks didn't realize that you have to be a developer to take part in this program.
Selected developers will need to buy five or more foreclosed properties.
Renovate them to meet building code standards and hire at least one underemployed person to help complete the work.
In return, they will get a $10,000 grant per home.
The properties will cost just $1 apiece.
Many people didn't know that, and were upset to find out that couldn't buy a home that's in their own community.
"You can sell one of these unfortunate people a house for a dollar, and give them the ten thousand to fix it up and let them own the house that they helped build. Versus giving it to somebody else and having them benefit from that house and they don't even live in that neighborhood,” said Justin Cunningham, resident.
City officials informed disappointed people of other homebuyer programs, but some argue that those programs don't have low income people in mind.