(5) Vacant and abandoned land does not produce sufficient property tax revenue for cities, which generally is their main revenue source. Land bank programs act as an economic and community development tool to revitalize blighted neighborhoods and business districts. The legislation, known as the Land Bank Fast Track Authority, allows people like Dr. Alaimo to acquire abandoned property more quickly. Get preapproved to buy land in Michigan. While in many countries land banking may refer to various private real estate investment schemes, in the United States it refers to the establishment of quasi-governmental county or municipal authorities purposed with managing an inventory of surplus land. Land contracts can also be used as part of a transaction to provide the balancing security (paper) in the sale or exchange of property, for example: “I’ll give you my single family home and a land contract, for your four-family rental property.” When Michigan's Governor Granholm signed the latest land bank legislation in 2004, she said, "Together these new laws will help local planning officials to look at an entire area or region when developing land use plans. 2003. Michigan Society of Planning, January. 5. state or federal photo id. Retrieved from http://www.mlui.org/growthmanagement/fullarticle.asp?fileid=16609. That means if you break the promise to repay at the terms established on your mortgage note, the bank has the right to foreclose on your property. Harnessing Community Assets: A Detroit Land Bank Authority. However, forfeiture does not accelerate the payments due under a land contract. Harnessing Community Assets: A Detroit Land Bank Authority. 2. scope of work . A 1993 study of 59 abandoned properties in Austin, Texas, found that 34 percent were used for illegal activities and of the 41 percent that were unsecured, 83 percent were used for illegal activities. What to Do Before You Purchase Land. When property owners neglect and abandon their properties, the local municipality must use its own resources to clean and maintain the properties as part of their nuisance abatement responsibilities to protect the public health, safety and welfare of its community. In Michigan, Genesee County has been a leader in creating a successful land banking program. We maintain a list of Ohio counties with existing land banks and provide contact information for each land bank and its board members at the links below. Now, Michigan has one of the most progressive land banking laws in the nation.(19). Michigan land loans may be used to buy vacant land to build a future home or to finance hunting land, farm land or even waterfront properties on a lake. Occasionally framed as a quasi-governmental entity, the Detroit Land Bank operates a number of programs to reduce the number of Detroit properties that are currently in public ownership. "(30) In addition, the Governor said, "To make headway against urban sprawl, we must think regionally and use new tools. 10 (27) They have successfully transferred 130 foreclosed tenant occupied properties to non-profit housing agencies, whose goal is to stabilize neighborhoods and encourage home ownership. Buying land is a major undertaking and to begin the process, you’ll need to figure out how much breathing room you’ll have in your budget for a new house.. 30) Crowell, Charlene. Retrieved from http://www.lisc.org/resources/vacant_abandoned.shtml?Affordable+Housing. 20) Brooks, Amy; Collins, Demetria; Eichmuller, Barbara; Tintocalis, Melissa; van Leeuwen, Simon. By transferring vacant and abandoned properties to responsible land owners through a land bank program, local governments benefit because they avoid the significant cost burden of property maintenance, like mowing and snow removal, as part of their nuisance abatement responsibilities. (21) In addition, the law permits these authorities to expedite quiet title on properties, which it possesses, and make them available at nominal prices for productive reuse in the community. Based on Governor Granholm's state-wide smart growth goals, it is imperative that Michigan communities focus on city and region-wide planning instead of just fiscal objectives when implementing land bank programs. 2004. While abandoned and vacant properties depress property values, discourage property ownership, and attract criminal activities in the surrounding area, a land bank provides tools to quickly turn these tax-reverted properties back into usable parcels that reinvest in the community's long-term vision for its neighborhoods. Under the Genesee County Land Bank Authority, tax foreclosed properties are held for a period of time before being returned to the market. Property abandonment can destabilize a neighborhood by causing an out-migration of property owners, who are worried about losing value on their properties due to surrounding vacant and abandoned land. land bank application requirements. Successful land bank programs revitalize blighted neighborhoods and direct reinvestment back into these neighborhoods to support their long-term community vision. 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