LOUISVILLE, Ky. (WDRB) -- The city of Louisville has a plan to eliminate vacant and abandoned properties by putting those properties in the hands of people who want to build or use the land for something productive.

"A lot is possible when you have the right idea and the right plan," Mayor Greg Fischer said.

On Friday, Fischer announced a new program for selling structures and lots. It includes three ways people can make purchases.

The first program is called "Last Look," which allows buyers to rehab older homes that are in danger of being demolished.

The second program is "Cut it, Keep it," which allows neighbors to buy vacant lots for for $500 if they agree to maintain it and pay the property taxes for at least three years.

Lastly, a "Flex Rate Policy" is for buyers who have a plan but no budget. The city will sell the property at its appraised value.

Fischer believes the three programs will increase property value and reduce crime.

"It's bad on property values," he said of the vacant properties. "No. 1, it can look bad if it's not kept up, but ... it can be a haven for criminal activity as well. Nobody deserves to live in a neighborhood like this, so this program is going to help eliminate those properties."

Lake Langdon, who owns and home and a business in the Parkland neighborhood, hopes the new programs will also help him provide a better future for his children.

"They all entice me because they're all gateways to home ownership and having a better opportunity to better my future," Langdon said. "I want each one of them to have a house -- paid for."

Right now, there are several hundred vacant and abandoned properties in Metro Louisville, and the city has control of at least 500 of them.

To view lists of lots and structures for sale, visit www.louisvilleky.gov/vacant.

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