FAQs
Land banks are quasi-governmental entities created by state-enabling legislation focused on transforming distressed properties into productive ones. In partnership with local governments, land banks target distressed properties and reactivate blighted areas, based on community goals. Land banks create a more effective, efficient, and equitable system to deal with problem properties.
What is a Land Bank?
The South Suburban Land Bank & Development Authority, or simply the "Land Bank," serves as a key regional economic development resource. Specifically designed for municipalities facing constraints in manpower and finances, the Land Bank provides a legal avenue to acquire, manage, and develop vacant and abandoned properties. Our goal is to unlock the value of these properties and reintegrate them into productive use, contributing to the community's economic vitality.
What is the South Suburban Land Bank & Development Authority?
When a city or village board decides to join the Land Bank, they enter into an Intergovernmental Agreement (IGA) and appoint a board member. Through a second IGA, the Land Bank gains the authority to acquire a mutually agreed-upon list of properties within that community. The primary method for acquiring these properties is through abandonment, essentially a condemnation process, though there are a number of tools the Land Bank can use to obtain control vacant properties.
How does the Land Bank work?
The Land Bank plays a vital role in revitalizing distressed properties to boost quality of life, stabilize the tax base, and promote sustainable and thriving communities. Our focus aligns with local government plans and priorities, working towards the public purpose of combating community deterioration. By returning properties to productive use, we aim to provide open space, housing, industry, and employment opportunities.
This can be done by:
Acquiring distressed properties
Gaining control of HUD REO properties
Assembling properties for redevelopment
Managing the holding and maintenance of property
Managing the demolition of properties
Positioning properties for return to the market by making them more attractive to developers and investors
Assisting in pre-development activities, including conceptualizing projects, determining financial feasibility, developing RFPs, and doing market analyses
Applying for foundation and government grant support
Implementing policies and operate programs, likes community land trusts, to expand and stabilize the availability of long-term affordable housing