City of Milwaukee to sell foreclosed houses for $1 each, plus a $10K renovation grant

In the market for a cheap and affordable house?

What about additional money with your purchase of that house to help you make necessary developments and renovations to the property?

SEE ALSO: 7 steps to take now if you plan to buy a house in 2017

Well if you've got $1 to spare and could use, say, $10,000 to help develop a property, you should probably head on over to good old Milwaukee, Wisconsin.

The city of Milwaukee is instating a program that will sell 100 foreclosed homes in the Sherman Park, Wisconsin area for $1 each and give each new homeowner a $10,000 grant to help develop the property.

Milwaukee 15th District alderman, Russell Stamper, told Wisconsin Channel 12:

"This entails a rehabilitation in the Sherman Park area. We're going to do a massive rehabilitation of homes that are city owned in the neighborhood."

The requirements?

Luckily, they all come with the ultimate goal of bettering the community.

Those that are hired to help with the development process must be hired from within the community and must also be underemployed or unemployed completely.

New homeowners must also be promoting homeownership of the renovated properties.

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