Land Bank will take ‘calculated risk’ in 26 Areas
By Mary Ellen Podmolik
Humboldt Park is in. So are East Garfield Park and Woodlawn in Chicago and suburbs like Maywood, Matteson and South Holland.
The Cook County Land Bank Authority has identified 13 city neighborhoods and 13 west and south suburbs where it will aggressively buy vacant, abandoned single-family homes and small multifamily buildings and hold them, waiting for a buyer.
But other Chicago neighborhoods hard hit by the nation’s housing crisis are out. North and South Lawndale, Englewood and West Ridge are not going to get focused attention and investment from the land bank because there is “too much to overcome,” said Rob Rose, the land bank’s new executive director.
“We have to take calculated risks,” Rose said during a meeting of the land bank authority’s board Thursday. “We’re going to do it in places where there is market demand. Weaker areas need more than the land bank can provide right now.”
In some communities, the organization may partner with a local organizations but it will not go after properties on its own. It will not focus its budget on buying properties that already are part of the South Suburban Land and Development Authority. Also left off the list are communities that are recovering on their own and don’t need the land bank’s assistance.
Working with researchers, the land bank looked for areas where it believes people want to live and are willing to invest their savings as homeowners. Among the factors it looked for were shrinking residential vacancy rates, rising purchase prices and mortgage activity and community involvement.
Within the city, the communities the land bank has tagged as transitional, meaning there is potential for improvement, are all on the West, Southwest or South sides. They are Auburn Gresham, Austin, Chatham, Chicago Lawn, East Garfield Park, Gage Park, Grand Boulevard, Greater Grand Crossing, Humboldt Park, South Shore, Washington Heights, Washington Park and Woodlawn. Of the estimated 33,000 vacant abandoned lots and homes in the city, 41 percent are in those 13 neighborhoods.
Seven of those communities already are part of the city’s Micro Market Recovery Program, an initiative designed to rehab vacant residential buildings and attract residents.
Suburban communities identified are Bellwood, Burbank, Chicago Ridge, County Club Hills, Forest Park, Matteson, Maywood, Melrose Park, Olympia Fields, Posen, Riverdale, South Holland and Stone Park. Those suburbs have 30 percent of the estimated 27,600 vacant, abandoned lots and properties in suburban Cook County.
Separately, the land bank, which has funding of $4.8 million, also is moving forward with two other initiatives. With funding from the Illinois Housing Development Authority, it has worked with community groups to identify abandoned properties that will be razed in Woodlawn, Englewood, Chicago Heights and Riverdale.
It also has bought 25 tax-delinquent properties through the county’s scavenger sale as a test case of its initiative to acquire parcels that it thinks would be attractive to developers if it were not for delinquent property taxes.
Fannie, Freddie to discount blighted homes in Chicago, Cook County
By Mary Ellen Podmolik
“Fannie Mae and Freddie Mac are embarking on an ambitious pilot program designed to remove thousands of vacant, foreclosed homes from their books and repair neighborhoods throughout Chicago and suburban Cook County.
The two agencies, which own more foreclosed properties than anyone else, are expected to announce Wednesday they will offer qualified nonprofit groups and their developers an option to buy foreclosures, often at a discount, before the properties are publicly listed for sale. The program will initially include about 3,800 single-family homes, condominiums and two- to four-flats but that number will fluctuate as Fannie and Freddie take possession of properties at the end of the foreclosure process…” Read More
Cook County Land Bank Names Robert Rose as Executive Director
With a unanimous vote of the Cook County Land Bank Board and strong support of Cook County Board President Toni Preckwinkle, the CCLBA Board named Mr. Robert Rose as Executive Director at yesterday’s monthly board meeting. Rob comes to the Cook County Land Bank from the Chicago Community Loan Fund where he served as Chief Operating Officer and has strong background in finance, underwriting and community development. “I am not only excited, but also passionate about the opportunity to have an impact in this City and County. The Cook County Land Bank has a real opportunity to transform how foreclosures and vacancies are addressed in this region,” said Rob Rose.
“Rob has an incredibly impressive background in real estate, community development and finance coupled with a gift of seeing the big picture without missing any of the details needed to execute” said Bridget Gainer, Chairman of the CCLBA Board and Cook County Commissioner.
“The Cook County Land Bank Authority is one of our most critical initiatives, and I am pleased to welcome Rob Rose as the new Executive Director,” President Preckwinkle said. “I am looking forward to working closely with Rob and the Land Bank Board of Directors as we expand our efforts to return vacant, abandoned and tax-delinquent property throughout the County to productive use.”
“Rob will bring the rigor of private sector financial expertise and the execution of successful community development experience to the Cook County Land Bank. I am looking forward to working with Rob to build the land bank into a powerful regional tool for development that all of Cook County will benefit from,” said Peter Friedman, Chairman of the CCLBA Selection Committee and CCLBA Board member.
For more information or to schedule a meeting with Mr. Rose please email Info@CookCountyLandBank.org.
Cook County Land Bank may add 700-plus properties
By Mary Ellen Podmolik
More than 700 properties that have languished unused, some for almost two decades, may be grabbed by the Cook County Land Bank Authority to make them more attractive to developers.
The parcels — which are scattered around the county and include land zoned for residential, commercial and industrial use as well as vacant homes — are among 23,000 properties that have been offered for sale through the county’s scavenger tax sale, with no takers for at least two years.
The land bank believes the parcels would be desirable, were it not for delinquent property taxes that can total as much as $500,000.
“These are properties that have been sitting on this list for 17, 18, 19, 20 years and nothing has happened,” said Cook County Commissioner Bridget Gainer, chairman of the land bank.
Turning the page to 2015
Dear Cook County Land Bank friends and supporters:
Happy New Year! 2014 was an exciting year for the Cook County Land bank and I want to thank you all for your continued support. With your help along with the leadership of the Board and staff, this first year in operation has brought many notable accomplishments. We have established a solid foundation for the land bank and the development of an organization that will be able to take advantage of exciting new residential programs at Fannie Mae and truly regional economic development opportunities. As we evolve to take on more targeted neighborhood and commercial and industrial development, we will again be looking for your assistance to attract and partner with new leadership at CCLBA.
Our first executive director, Brian White, has done a tremendous job creating this foundation and his skills and experience in the start-up of the Land Bank have been invaluable. As we look to the next phase of the Land Bank, we are seeking a leader who will build upon all that has been accomplished and continue the mission of transforming communities.
Attached is a job announcement and position description to forward on to your networks. Resumes are due by January 30, 2015, 5:00 PM US Central Time. Please don’t hesitate to reach out with any questions.
Regards,
Bridget Gainer
Cook County Commissioner – Tenth District
Chairman, Cook County Land Bank Authority
Cook County Land Bank to Sell First Two Homes to Developers
By Mary Ellen Podmolik
The brick bungalow in Chicago’s Auburn Gresham neighborhood doesn’t look like much from the outside, with its windows covered with plywood, silver tape dangling from a second-floor eave and a blue tarp stretching across much of its roof. Its interior looks even worse.
But unlike a similarly boarded bungalow two doors away and tens of thousands of other vacant homes across the city and suburbs, this one and another in the Avalon Park neighborhood are special. They will be the first vacant houses to be overhauled and put up for sale as part of the Cook County Land Bank Authority’s ambitious, long-awaited effort to stabilize communities by ridding them of eyesores and attracting new residents and businesses. (more…)