Yes? Then you should look into buying a house. A small town in Minnesota is making national news this week with an announcement that has many people asking “HOW MUCH?!!?!” The city of St. Paul has purchased (with the help of federal funds) eleven foreclosed upon homes in the well-known neighborhood of Dayton’s Bluff. They plan on selling these homes, and they will go for as high as $50K, and as low as…wait for it…ONE DOLLAR. The city decided to get into the business of residential real estate with hopes of fighting foreclosure and revitalizing these old homes. Difficult times call for creative solutions, and this city has certainly done that. With over 2,000 vacant homes, St. Paul needed to do something drastic. This is a large investment on the city’s behalf, and you can’t help but to root for them. Buying one of these houses does not come without strings, let’s face it, how could it? If you decide to purchase one of these “Diamonds in the rough”, you must commit to residing in the home. The city’s focus is to have the buyers invest not only their money, but also themselves into the house and community. This is a long-term effort to turn around the neighborhood. Other requirements also include being able to “demonstrate the financial resources needed to undertake successful rehabilitation of the property and they should be able to qualify for a mortgage in the range of $140,000 – $190,000.” And, they will be “required to incorporate the development principals and historic preservation goals created through the neighborhood planning process described in the application.” I would assume it will be a long application process, but hopefully not too long so the neighborhood can get back on track! Best of luck to St. Paul!
CLICK HERE if you would like to check out pictures and more info on these eleven homes