Ohio cities buying up foreclosed homes for $1 each
TALLMADGE, Ohio (AP) - 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 buy at 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.