NEW ORLEANS (WGNO) – A list is out of the 602 Lower 9th Ward properties neighbors could by for $100 each, if voters pass a change to the state’s constitution.
The Lot Next Door program announced last month allows those living nearby, who maintain an abandon lot, the option to buy.
The redevelopment bill is a proposed constitutional amendment which will go to a public vote in November.
The New Orleans Redevelopment Authority owns the properties.
If neighbors pass on buying the available $100 property, next in line are qualifying renters, veterans, emergency responders and teachers.
“There`s more to it than a hundred dollar lot,” says Lower 9th Ward property owner James Kaigler. “It’s going to take a lot of money to get the ball rolling.”
Maintaining and then purchasing a lot for one hundred dollars seems like the real estate steal, but Kaigler says he’s done his research and the responsibility could be overwhelming, “People right now can’t get loans for their own houses. I don’t see how they can secure money on a lot to build a house.
“People think that it’s going to be easy. But the program allows an eighteen month window to get financed. That’s where they’re going to run into problems.”
The Lot Next Door program limits the number of $100 lots neighbors can buy to just one.
New owners are required to maintain the property for at least five years.
Click HERE for a complete list of properties in the program.