The project was approved at the end of March by the City Council’s Budget Committee, made up of five members: the mayor, the president of the Chamber, the general controller, the municipality’s attorney general and the director of public works. Only House Speaker Nick Mosby voted against the initiative.
To pay just US$1 for the property, the future owner must commit to making it their main residence or a community land trust, acting as administrator of the address that uses it as affordable housing, commercial space, civic building, among other activities , always in the name and for the benefit of the local community.
Non-profit organizations of other types pay more: those with less than 50 employees pay US$1,000 for the house (R$5,170), while those with more than 50 employees pay US$3,000 (R$15 .5 thousand).
Applicants for a home also have to pay a registration fee of US$100 (R$517) for the program, in addition to proving that they have US$90,000 (R$465,000) for renovations that “rehabilitate the property” before the change.
