New Government Report: Revitalizing Foreclosed Properties with Land Banks (ISBN: 9781437933390)

May 18, 2010 at 7:00 am 1 comment

Revitalizing Foreclosed Properties with Land Banks (ISBN: 9781437933390)
By Sage Computing, Inc. (Paperback, 20 pages, 2009, $15)

Last week, the Detroit Free Press proposed that Detroit and Wayne County should merge land banks to be more like the Grenesee County Land Bank.

In that model, more valuable suburban properties in the land bank’s portfolio are sold to raise cash to help redevelop more distressed districts in the city of Flint. This type of sharing unlocks the value in land and uses that value for productive purposes.

At the forefront of issues affecting today’s housing market, foreclosed properties have become a significant problem. Local governments can enable productive reuse of these properties and simultaneously address the affordable housing crisis by creating public entities known as “land banks” to acquire, hold, and manage foreclosed properties.

This report examines the concept of land banking and discusses barriers and solutions to the successful implementation of land banks. The report contains case studies from the Genesee County Land Bank Authority (includes Flint, Michigan), the Baltimore City Land Bank, and the Atlanta/Fulton County Land Bank. Each case study provides a description of the land banking programs and their effectiveness in revitalizing neighborhoods.

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