Doing Business with Cook County’s Land Banks
On July 24, more than 180 representatives from government, community, and real estate firms heard loud and clear – the Cook County Land Bank Authority and South Suburban Land Bank and Development Authority are open for business and ready to put more than 55,000 vacant and abandoned homes, buildings and parcels back into productive use.
The land banks and the Metropolitan Planning Council, in partnership with The PrivateBank, Chicago Rehab Network, Community Investment Corporation, Neighborhood Housing Services and Smart Chicago Collaborative, hosted the workshop to introduce participants to opportunities to partner with the land banks and to each other.
The interactive workshop outlined the land banks’ policies, powers and limitations and explained how community development corporations, neighborhood organizations, developers and investors can tap the land banks as resources. The workshop also covered topics including researching vacant properties, identifying financing options and determining the feasibility of projects. Additional workshops are being planned, so join our email list to be contacted with more information. If you were unable to attend, but would like to see the presentation materials, click on the links below:
Doing Business with Cook County’s Land Banks – Presentation
Doing Business with Cook County’s Land Banks – Resource Guide
Reckless Abandon
By: Allan Gallun & Micah Maidenberg
“With more than 55,000 vacant homes in Cook County, government leaders are coping with a catastrophe that invites comparisons to the Great Chicago Fire. ‘It’s like we are standing there on the day after (the fire) and everyone’s waking up and saying ‘OK, how do we rebuild in this new world in a way that’s smarter, knowing what we know now?’ ‘ urban planner Marshall Brown says. Public officials, including leaders of the new Cook County Land Bank, will face some hard choices as they decide….” Read more
Cities Set Up ‘Land Banks’ to Tackle Vacant-Home Problem
By: Mark Peters
“As the foreclosure crisis swells the ranks of abandoned properties across the U.S., local governments from New York to Missouri are adopting a new strategy to acquire and return to the tax rolls tens of thousands of empty houses and vacant lots. In the past year, Kansas City, Syracuse, N.Y., and communities in Pennsylvania, among others, have set up “land banks”—independent authorities focused on turning around derelict properties...” Read More
Applying Big Data to Vacants, and Other Steps Taken By Chicago’s Land Bank
By: Brady Dale
In the age of Big Data, these decisions are becoming less complicated. Last month, fellows with the University of Chicago’s Data Science for Social Good began working with the Chicago area’s newly born Cook County Land Bank Authority (CCLBA). The aim is to create a tool that will make it easier to process data on foreclosures, real estate trends and the like to determine which properties are the best candidates for redevelopment. Think of it as a data-backed triage unit for vacant land… Read More
Attorney General Madigan Announces $70 Million to help rebuild Illinois Communities Devastated by Foreclosure Crisis
Press Release
“Attorney General Lisa Madigan today announced $70 million to assist housing efforts across the state to help rebuild Illinois communities that have been devastated by the national foreclosure crisis. The funding provided by Madigan stems from her lead role in obtaining a historic $25 billion national settlement last year with the country’s five largest” Read More
Largest U.S. Land Bank promises to turn around blighted properties, increase single-family rentals
By: Fran Alarcon
“On January 16th of this year, the Cook County Board of Commissioners voted unanimously to establish the Cook County Land Bank Authority, an independent, quasi-governmental agency spearheaded by Commissioner Bridget Gainer (D-Chicago) aimed at reviving Cook County’s vacant properties.” Read More