{"product_id":"2940148258995","title":"Revitalizing Foreclosed Properties with Land Banks","description":"When properties remain vacant for prolonged periods, they can fall into disrepair, \u003cbr\u003ebecome  neglected,  and  eventually  be  abandoned  by  their  owners.  Abandoned \u003cbr\u003eproperties  pose  significant  fire  and  safety  hazards,  attract \u003cbr\u003evandalism, and generate criminal activity.\u003cbr\u003eThese properties create a ripple effect, lowering adjacent property values and contributing \u003cbr\u003eto the decline of entire neighborhoods. A 2005 report prepared \u003cbr\u003efor  the  Homeownership  Preservation  Foundation  notes  that  a \u003cbr\u003esingle  foreclosed  unit  in  a  Chicago  neighborhood  reduced  the \u003cbr\u003eproperty values of 13 homes located within 150 feet.\u003cbr\u003e\u003cbr\u003eIn addition, communities with a large number of tax-delinquent properties lose \u003cbr\u003econsiderable revenue and further burden local governments with \u003cbr\u003eincreased maintenance and service costs. For instance, according to \u003cbr\u003ea National Vacant Properties Campaign report, Detroit, Michigan \u003cbr\u003espends $800,000 a year on vacant lot cleanup alone.\u003cbr\u003e\u003cbr\u003eWhile  it’s  in  a  community’s  best  interests  to  promote  the \u003cbr\u003eredevelopment of abandoned and tax-delinquent properties, there \u003cbr\u003eare a number of barriers that inhibit progress, such as complicated \u003cbr\u003estate  tax  foreclosure  processes  and  a  lack  of  local  government \u003cbr\u003emechanisms to regain control of such properties. Some states allow \u003cbr\u003etax liens to be sold at auctions, where buyers (usually speculators) \u003cbr\u003ehave no immediate interest in returning the property to reuse. In \u003cbr\u003eother instances, properties that remain unsold at auctions become \u003cbr\u003egovernment-owned through a lengthy foreclosure process, during \u003cbr\u003ewhich time they decline in value and potential use.\u003cbr\u003eTo  ameliorate  the  negative  effects  of  foreclosures,  some  communities are creating public entities — known as land banks — to \u003cbr\u003ereturn these properties to productive reuse while simultaneously \u003cbr\u003eaddressing the need for affordable housing. This report examines \u003cbr\u003ethe concept of land banking and discusses barriers and solutions \u003cbr\u003eto the successful implementation of land banks. The report also \u003cbr\u003econtains  case  studies  from  three  local  jurisdictions  —  Genesee \u003cbr\u003eCounty,  Michigan; Atlanta,  Georgia;  and,  Baltimore,  Maryland \u003cbr\u003e— that detail their experiences in land banking.","brand":"ReadCycle","offers":[{"title":"Default Title","offer_id":47108666884336,"sku":"2940148258995","price":2.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/2940148258995_p0.jpg?v=1763699884","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/2940148258995","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}