It Is Not All GLOOM and DOOM

It is definitely not all Gloom and Doom in the real estate market.  This post deals with one community's steps to combat the downturn it has experienced and the number of abandoned and foreclosures that have resulted.

Long before this became a national dilemma, it became one for Flint, Michigan and other areas within Michigan.  With the problems experienced by American automakers, communities dependent on that industry came upon hard times and leaders within those communities have sought solutions for their housing problems.

In 1999, the Michigan State Legislature created a new, streamlined system for returning tax-reverted properties to productive use. In the process, they opened the door for communities to reclaim, reinvest in and rebuild their neighborhoods.

National Public Radio aired a broadcast yesterday that dealt with how Flint, MI is dealing with this problem.  If your community is experiencing problems with foreclosures and abandoned properties this may be of interest.  Genesee Country (where Flint, Michigan is located) has produced a brochure which can be download.  It provides an explanation of the nine programs.

GENESEE COUNTY LAND BANK PROGRAMS

The Genesee County Land Bank works in collaboration with the Genesee County Treasurer's Office to prevent tax-foreclosure on area homes and bring tax-reverted properties back into productive use. Through partnerships with public, private and non-profit partners, the Land Bank encourages  investment in more than 4,000 residential, commercial and industrial properties that it has acquired through the tax-foreclosure process since its inception in 2002.

To better position tax-reverted properties for re-use, the Land Bank operates nine programs:

1. Foreclosure Prevention
2. Demolition
3. Side Lot Transfer
4. Property Maintenance
5. Housing Renovation/Rental
6. Adopt-A-Lot
7. Clean and Green
8. Brownfield Redevelopment
9. Development

In addition, the Land Bank and the County Treasurer's office operate the Foreclosure Prevention program. These programs enable the Land Bank to play an important role in stabilizing and revitalizing neighborhoods.

In order to find out how well these programs are working I urge you to look at the following sites:

thelandbank.org

http://web5.msue.msu.edu/lu/2004material/LB5KildeeOnGeneseeLandBank.PDF

http://geneseeinstitute.org/downloads/Bassett_Understanding_Owner_Decision.pdf

http://www.mlui.org/growthmanagement/fullarticle.asp?fileid=16782

There are programs in other states that are making a positive impact.  It would be nice to learn about them and the success they are having.

. . . . . .