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  • Lorain City Council Land Banking 2-13-2012

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    The Morning Journal Lorain OH
    880 vizualizări14 pagini
    The document discusses county land banking in Ohio. It explains that county land banks were authorized in 2008 to help communities address vacant and abandoned properties resulting from the foreclosure crisis. A county land bank is a special community improvement corporation established by county commissioners to acquire, manage, and repurpose foreclosed properties in a coordinated manner in order to promote economic development, stabilize property values, and improve quality of life. The land bank acquires properties through tax foreclosure, donations, and transfers from banks and HUD, then sorts properties to be rehabilitated and resold, demolished, or held for future community projects.

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    Presentation on land bank made by James Rokakis to Lorain City Council on Feb. 13, 2012.

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    The document discusses county land banking in Ohio. It explains that county land banks were authorized in 2008 to help communities address vacant and abandoned properties resulting from the foreclosure crisis. A county land bank is a special community improvement corporation established by county commissioners to acquire, manage, and repurpose foreclosed properties in a coordinated manner in order to promote economic development, stabilize property values, and improve quality of life. The land bank acquires properties through tax foreclosure, donations, and transfers from banks and HUD, then sorts properties to be rehabilitated and resold, demolished, or held for future community projects.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PPTX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    880 vizualizări14 pagini

    Lorain City Council Land Banking 2-13-2012

    Încărcat de

    The Morning Journal Lorain OH
    The document discusses county land banking in Ohio. It explains that county land banks were authorized in 2008 to help communities address vacant and abandoned properties resulting from the foreclosure crisis. A county land bank is a special community improvement corporation established by county commissioners to acquire, manage, and repurpose foreclosed properties in a coordinated manner in order to promote economic development, stabilize property values, and improve quality of life. The land bank acquires properties through tax foreclosure, donations, and transfers from banks and HUD, then sorts properties to be rehabilitated and resold, demolished, or held for future community projects.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PPTX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 14

    County Land Banking

    Lorain City Council 2/13/2012

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Thriving Communities Institute


    Land Conservancy's urban initiative

    Headed by Jim Rokakis County land bank advocacy Urban land use issues

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Land Banking in Ohio: History


    Authorized for Cuyahoga County in 2008

    Cuyahoga County Land Reutilization


    Corporation established in 2009 Law amended in 2009 for smaller counties

    Today in Cuyahoga, Lucas, Montgomery, Trumbull & Mahoning


    Underway in Hamilton, Erie, Summit, Stark

    Interest in Butler and Allen

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    What is a County Land Bank?


    Special, community improvement corporation (R.C. 1724) Not a county agency Quasi-governmental (R.C. 5722) Committed to public purpose

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Public Purpose
    To promote economic and housing development of the county or region To facilitate the reclamation, rehabilitation and reutilization of vacant, abandoned, tax-foreclosed or other real property

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Public Purpose (cont.)


    To efficiently hold and manage that real property pending its reclamation, rehabilitation and reutilization To assist governmental entities and other nonprofit or for-profit entities in the assembly of that real property and the clearing of title in a coordinated manner
    Thriving Communities Institute
    Western Reserve Land Conservancy

    From Vacancy to Vitality

    County Land Banks: Response to Foreclosure Crisis


    Response to worst housing crisis in U.S. History Acquire vacant and
    1500

    Foreclosure Filings - Lorain County


    3000

    2500

    2000

    abandoned property
    1000

    Deference to cities Triage Dispose or hold


    500 0 1995 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Benefits of Land Banking


    Stops speculation/flipping

    Stabilizes housing base, tax base Improves quality of life Advances urban planning
    1 in every 536 housing units in Lorain County received a foreclosure filing in October 2011.
    -RealtyTrac

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Foreclosure, Crime & Demolition Studies

    Cleveland Fed Study: REO Inventory Levels High through at least 2013 Immergluck Research: Foreclosure Effects on Neighbor's Housing Foreclosure & Crime Flint Study: $3.5 Million in Demolition = $109 Million Preserved Housing Value

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Establishing the County Land Bank


    COUNTY COMMISSIONERS
    (Create R.C. 5722 Land Bank)

    COMMISSIONERS PASS RESOLUTION AUTHORIZING COUNTY TREASURER TO INCORPORATE LRC VIA R.C. 1724

    COUNTY TREASURER
    TREASURER INCORPORATES LRC VIA R.C. 1724

    LRC BOARD OF DIRECTORS IS CREATED


    LRC BOARD CREATES LAND REUTILIZ ATION PLAN FOR ADOPTION BY COUNTY COMMISSIONERS LRC BOARD IMPLEMENTS PROGRAMMING ACTIVITIES

    PROGRAMMING ACTIVITIES

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Structure of Land Bank Board


    Board has 5, 7 or 9 members:

    Treasurer Two Commissioners One member from largest city One township member Others (if any) chosen by agreement of Treasurer and two Commissioners

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Funding the Land Bank


    DTAC: up to 5% Penalties and interest DTANS Grant recipient or co-recipient Borrow (not on county guarantee)

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    Land Bank Acquisitions


    Tax Foreclosure GSE's HUD Bank REO Deed in Lieu Gift or Donation

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

    County Land Bank Operations


    BANK REOs DEED IN LIEU HUD GSEs TAX FORECLOSED

    PROPERTY TRIAGE

    RESPONSIBLE FOR MOTHBALL REHABILITATION RESALE TO RESPONSIBLE QUALIFIED BUYER/REHABBER

    PROGRAMS: SIDE YARD INFILL HOUSING GREEN SPACE URBAN GARDENS

    DEMOLISH
    HOLD FOR STRATEGIC ASSEMBLY & ECONOMIC DEVELOPMENT

    Thriving Communities Institute


    Western Reserve Land Conservancy

    From Vacancy to Vitality

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