gary-dollar-home-program

 

The city of Gary, Indiana has done something good for their local citizens. In effort to stabilize some of their decapitated University Park neighborhood, the city purchased unoccupied homes from county tax sales. The homes were residences whose owners fell behind on their property taxes and was forced out.

 

The program designed to help bring life back into the neighborhood was announced in June. The announcement received over 400 applicants. But, only 25 people made the final cut. Why? Because the city placed strict requirements on the program which only a few locals were able to qualify. The requirement were:

 

  • Must be a Gary resident for no less than 6 months
  • $1000 in savings
  • Earn at least 80% of annual income of $35,250
  • Must prove that they can financially afford to rehab the home
  • Applicant can NOT currently own a home
  • Must live in home for 5 years before city will fork over full ownership; early departure from home will forfeit your residency

 

The city will announce the final 12 winners via a drawing.  Gary’s Mayor, Karen Freeman-Wilson, will eventually sell 50 of these homes a year, only if this initial run works.

 

Gary has seen a tremendous downfall over the several decades in its population. After once being one of the nations top manufacturing towns, the decline of employment opportunities ultimately took a toll on the neighborhoods.

 

Mayor Freeman-Wilson remembers purchasing her first home 20 years ago through an U.S. Housing and Development program. She says this helped her “forge a life in the community.”  This program, she hopes, end the decline of this Gary neighborhood and bring life back into it.

 

This initiative will also provide financial assistance to current homeowners who need repairs to their home.

 

 

Source: CNN