Baltimore is selling hundreds of vacant homes to city residents for just $1 each

• Baltimore is selling city-owned abandoned homes to residents for $1 each.
• The initiative aims to revive neighborhoods with high crime rates and surplus vacant homes.

The city of Baltimore will sell more than 200 city-owned abandoned homes to residents starting at just $1 each in an effort to revive some of its roughest neighborhoods.

A city board approved the measure on Wednesday in a 4-1 vote, according to The Baltimore Sun.

The Maryland city's crime rates have led to a surplus of vacant homes in certain neighborhoods. According to the city, there are about 15,000 abandoned properties in Baltimore.

The $1 home project approved this week targets about 200 of those city-owned residences. The properties will be marketed to Baltimore residents who commit to restoring and living in the homes.

The program is meant to incentivize Baltimore locals to buy up the cheap properties, though developers and nonprofits can also purchase the vacant homes — for $3,000, according to local news reports.

The city is offering home repair grants of $50,000 to individuals who are pre-approved for a construction loan, Bloomberg reported.

Baltimore implemented a similar housing project in the 1970s when it offered homesteaders the chance to snatch up $1 abandoned properties if they promised to fix them up.

The modern version of the project has backing from Baltimore Mayor Brandon Scott, but some city council members raised concerns. Baltimore City Council President Nick Mosby, during a Wednesday meeting, questioned whether Scott's administration had done enough to make sure Baltimore locals are given first dibs on the homes, citing concerns that the project could eventually lead to poorer people being pushed out, The Sun reported.

City housing officials, however, say a 90-day window is in place to allow Baltimore locals to get first dibs on the homes, according to the outlet.