Buy a home for $1 in Gary, Ind.

The city of Gary, Ind., is selling a dozen homes for $1 each as part of a neighborhood stabilization effort. Potential homebuyers must have lived in Gary for at least six months; have $1,000 in savings; earn at least 80 percent of the median annual income of $35,250 in the area; and demonstrate that they have the financial ability to rehabilitate the home, CNN Money reported.

Only those who do not currently own a home are eligible, and they must live in the house for five years before they assume full ownership. If they leave before that time has elapsed, they forfeit everything, the news outlet said.

Source: CNN Money