Legal Looting
Nov 5th, 2007 at 8:02 am by Susie
And this, boys and girls, is what we call housing revitalization:
TALLMADGE, Ohio — Under a U.S. Department of Housing and Urban Development program, cities in Ohio may buy unsold foreclosed homes for $1 each.
Through the program, any foreclosed home that HUD has unsuccessfully listed for sale for longer than six months is available for city purchase.
The city of Tallmadge, in suburban Akron, is hoping to buyat least one house as part of their efforts against the rising tide of abandoned homes in the city.
HUD advertises the Dollar Homes program as a way for communities to repair empty houses and resell them to help revitalize neighborhoods, but Tallmadge has a different plan.
City officials say they likely will tear down the house, sell the land and put the sale proceeds into the city’s historic preservation programs.
[...] Justin Yelip wrote an interesting post today onHere’s a quick excerptTALLMADGE, Ohio — Under a US Department of Housing and Urban Development program, cities in Ohio may buy unsold foreclosed homes for $1 each. Through the program, any foreclosed home that HUD has unsuccessfully listed for sale for … [...]