| The name of Flint is connected with both the glorious | | | | the conditions and aesthetics in Flint. Where once |
| days as well as the downfall of the automobile | | | | there was an abandoned house, there’s now a |
| industry. Foreclosures coupled with unemployment | | | | community garden.” As the recession marches on |
| have left behind a trail of vacant houses – | | | | more land banks are being formed to contain the |
| blighting the community. | | | | menace of foreclosures. The land bank scheme had |
| In downtown Flint the heritage Durant Hotel had | | | | given a boost to property value in Flint. |
| been standing vacant for over three decades until | | | | The idea sprouted about a decade ago and applied to |
| the latest loan tools enabled it to be renovated at a | | | | Atlanta and Louisville says Professor Franks |
| cost of $30 million. The tool is termed the land bank. | | | | Alexander of Affordable Housing and Community |
| The idea has taken over the imagination of the | | | | Development at Emory University of Atlanta. |
| nation for the positive effect it is happening on the | | | | In May this year Cuyahoga County including Cleveland |
| urban curse from vacant foreclosed units. | | | | started a land bank. Jim Rokakis, the treasurer of the |
| The city or the related county resorts to creating of | | | | county has hopes that it will have a positive impact |
| land bank comprising of properties instead of allowing | | | | on about 35,000 vacant units. He said, “A vacant |
| these foreclosed houses to be sold or auctioned off. | | | | home on a street absolutely destroys the value in |
| Few of the units are repaired and sold. | | | | the rest of the neighborhood. There are some |
| Those in unredeemable condition are razed to the | | | | neighborhoods in Cleveland that have no housing |
| ground and the land is then sold to local property | | | | market left.” |
| owners or developers explained Dan Kildee, the | | | | The first land bank took off in July by The Overland |
| treasurer of Genesee County. He has initiated this | | | | Park City Council. Plans are afoot to use $700,000 of |
| unique land bank scheme. Apart from Flint the other | | | | federal stimulus money to purchase, repair and sell |
| municipalities implementing the scheme are Kansas | | | | off three foreclosed units. Maryland has legalized the |
| City suburb Overland Park and Richmond in California. | | | | setting up of land banks. The land bank of Genesee |
| The money for either the refurbishing or demolition is | | | | County had started in 2002. It will now take over |
| got from delinquent taxes that are collected. | | | | ownership of thousands of foreclosed houses. |
| Kildee commented, “The land bank is changing | | | | |