Bank approves sale of 1 dollar homes in KC

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KANSAS CITY, Mo. -- The Land Bank has approved the sale of 40 dangerous homes to buyers who've promised to fix them up. Each house is being sold for one dollar.

At 31st and Olive, one family is excited about their new home.

Buyers will be eligible for an $8,500 rebate from the city if they complete the purchase requirements.

By saving 40 structures that would have been demolished, the Land Bank considers this effort to fight blight a success.

Those who currently live in the neighborhoods where the dangerous homes are located were given priority as potential buyers.

The Land Bank said 33 homes will be owner-occupied, with only 7 being renovated as rental properties.

"When we started this program, we had no idea how many we would sell," said Ted Anderson, executive director of the Land Bank of Kansas City. "But I thought if we sold 20 that would be a good deal. And we have sold 40."

About 3,000 people applied to purchase homes for a dollar.

135 properties were offered as part of this unique program. One family with seven children lives just down the street from an abandoned house. The couple told the Land Bank that if they were successful buyers they would make their home the best on the block.

The Land Bank said it now is considering offering more properties for sale at a price between $2,500 and $3,000. Unlike the dollar homes, Anderson said these houses are not on the tear down list, but still would need work.

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