CCLBA Newsletter | February 1st, 2017
ANNOUNCING THE LAUNCH OF THE VACANT LOT PROGRAM!
The Cook County Land Bank Authority, on behalf of CCLBA Chairwoman Bridget Gainer and Cook County President Tony Preckwinkle, is excited to announce the launch of the Land Bank's Vacant Lot Program. As of February 1st, the CCLBA is making ~4,300 vacant , tax-delinquent parcels throughout Cook County and the City of Chicago available for purchase. The official press release can be found here.
The vacant lots that are being published have long been abandoned and near impossible to redevelop given the back taxes and fines imposed on the property that more often than not exceed the value of the property itself. Through this program, the Land Bank as a municipal agency is looking to effectively level the playing field in these communities and extinguish the outstanding tax amount so that an individual or organization who has a plan for putting these properties back into productive use has a clear path to do so.
Through these efforts, the CCLBA is aspiring for a neighborhood reboot in an effort to revitalize and restore our neighborhoods and municipalities. For more information on the program and to apply for a parcel, please visit our website and click on the front page titled, 'Vacant Lot Program.'
CCLBA is also excited to announce that there are thirty (30) new properties up on our website, which we encourage everybody to view and make an offer if so interested. To view a complete list of our entire property inventory, please click here for an excel spreadsheet. As always, for more information please visit our website for additional CCLBA news.
OPEN HOUSE - 8053 S HERMITAGE AVE
February 11th, 2017 | 9:00 AM - 11:00 AM
8053 S Hermitage Ave | Chicago, IL. 60620
The Cook County Land Bank Land Authority will be holding an open house for 8053 S Hermitage from 9-11AM on Saturday, February 11th. For more information about the event and general inquiries regarding the property, please contact Elisha Sanders at firstname.lastname@example.org, or apply for the property today on our website.
CCLBA LAND TRANSACTIONS - MONTHLY MEETING
February 10th, 2017 | 10:00 AM - 11:00 AM
108 N. Clark St., 4th Floor, Conference Room A
The Cook County Land Bank Land Transactions Committee convene on a monthly basis to discuss general activities, operations, and policies of the Land Bank. A complete agenda as well as confirmation of the meeting time will be made public 2 days before the date of the meeting, and can be found here.
CCLBA IN THE NEWS
This past month, Cook County Commissioner and Chairman of the Cook County Land Bank Authority Bridget Gainer spoke about the CCLBA at the City Club of Chicago on 1/29, where she announced the launch of the Vacant Lot Program. In addition, Dennis Radkin of Crain's Business Chicago ran an article on the Vacant Lot Program, which can be found either here or on our website.
GENERAL REHAB GUIDELINES
The following includes important guidelines and procedures that the CCLBA would like every prospective homeowner and developer to know who wishes to do business with the Land Bank.
- Properties must be professionally redeveloped within 12 months of sale in accordance with local municipal building codes and procedures. Rehab process will be supported with periodic monitoring in order to ensure compliance. Quality of craftsmanship will will impact future transactions.
- CCLBA places a soft mortgage on the property to prevent selling without redevelopment. This mortgage will be released prior to the sale to homeowner provided the rehab has been completed.
- CCLBA does not provide financing for the purchase or rehab; however, CCLBA can make a referral to resources that will provide technical assistance & financing.
A one-page pamphlet can be found here, and we encourage everyone to visit our website or call us at (312) 603.8015 for more information on how to engage with the Land Bank.