Vacant housing hinders economic development, weakens the tax base and imposes significant costs on already-struggling municipalities and their taxpayers. These properties have a devastating effect on neighbors, local businesses and governments at all levels: increases in vacant housing bring increases in crime, reduction of property values and decline of the quality of life, even in previously stable communities.
What was the problem?
What is the solution?
The Cook County Land Bank, the largest geographic land bank in the country, was created in January 2013 as a public/private partnership to revitalize communities by redeveloping vacant land and finding new uses for abandoned buildings. The Land Bank’s goals are to reverse the cycle of neighborhood decline and promote economic development and neighborhood stabilization.
Recently, and on a national stage, the Cook County Land Bank partnered with the Federal Housing Finance Agency to launch the Neighborhood Stabilization Initiative (NSI), a pilot program that will allow Fannie Mae, as one of the largest holders of foreclosed property in the county, the ability to help the CCLBA aggressively pursue its geographic strategy by focusing on 13 Chicago and Cook County neighborhoods.
Resources for Action
NewDEAL Leader Programs
County Commissioner Bridget Gainer