Housing Recycling Program Turns Old Homes Into Hot Property
MINNEAPOLIS (WCCO) -- A housing program in Minneapolis is turning old abandoned homes into hot commodities.
The Minneapolis Vacant Housing Recycling Program takes tax forfeited properties and sells them to developers or residents so a new home can be built.
"This program is really trying to take vacant buildings and vacant lots and turn them into community assets again," City of Minneapolis Senior Project Coordinator Roxanne Young Kimball said.
Developer Wilson Molina bought an abandoned South Minneapolis property in May 2015 for $42,000. The property had been vacant for four years. After a remodel as part of the recycle program, Molina sold it for market value at $299,000.
"We got multiple offers and then we sold it on the first day at listing price," Molina said. "A bit different than four years."
The city invests in abandoned buildings that have been vacant for some time, often two years or more. They currently have 321 vacant lots and 19 vacant buildings being marketed through the program.
While the program has been around since the 1980s, city leaders are hoping to reinvest into more homes in order to improve the surrounding communities.
"We're really trying to excite people about investing in Minneapolis neighborhoods," Young Kimball said.
There are currently over 600 people looking for homes through the Minneapolis Vacant Housing Recycling program.
