That could be enough to buy a home in Gary, Indiana.
In fact, more than 300 people have signed up since June to see if they meet all the qualifications to purchase one of 13 homes that were either abandoned or foreclosed on.
Friday is the deadline to apply.
There some important requirements to join Gary’s dollar housing program: Applicants must have been Gary residents for at least six months and the must agree to live in the home for five years; Also, applicants must maintain a minimum $1,000 in a savings account and demonstrate the financial ability to be able to make necessary renovations since all of the houses are considered fixer uppers.
Gary has already seen fly-by-night investors come in and buy up foreclosed homes. These investors fix them up, try to sell him, but can’t. Often, these homes, already purchased once from a sheriff’s tax sale, wind up abandoned again.
The homes are in the University Park subdivision with close proximity to Interstate 80/94, the Village Shopping Center and Indiana University Northwest. Due to the large amount of applications, a lottery will be held in September to pick the winners.