ST. LOUIS – These St. Louis City properties are vacant, distressed, and in need of serious repair and remodeling. But if someone is interested in buying the residence and fixing it up, the city will sell the home for just a dollar.
“It’s a good program. It gives people the opportunity to really invest back in the city,” said John Parker, St. Louis Development Corporation.
Parker says Alderman John Collins-Muhammad put forth a bill to move property in the city and this program is one way to do it.
“We have a list of properties that have been on a roll for over five years and they’re all 1,500 square feet,” Parker said.
Over 500 properties are available in various parts of St. Louis, most of them in the north party of the city. You can only buy as the goal with this program is to get to people to stay in the city or move here. This is not a program for real estate developers and big investors to buy up properties.
“You fix it. There is criteria to follow. You have to bring the foundation up to code, things like that,” Parker said. “And there is a three-year occupancy after you build your property up.”
After the three years, you can rent the property or sell it and move. You’ll own the property and pay the taxes on it but the home itself is just $1.
“We want people, residents of the city, and people who want to be residents, here’s an opportunity to reinvest in your own community,” Parker said.
The St. Louis Development Corporation and the Land Reutilization Authority is tasked with the effort to try and move a huge amount of property and they say this dollar program is a great way to do so.