Three years ago, the Kent County Land Bank started taking ownership of abandoned properties in Grand Rapids, Mich. according to MLive's Jim Harger. This year it plans to claim approximately 50 properties, including single-family homes, two multifamily properties and buildable lots, according to Dave De Velder, the land bank's director of real estate development.
The land bank, which has the ability to clear the clouded titles on tax foreclosed properties, has re-marketed the properties to buyers who have committed to making repairs. In some cases, the land bank has paid for demolition before remarketing the properties for new construction.
But the pace is slowing for the Kent County Land Bank.
This year's acquisitions mark the fewest number of properties the land bank will take since it began buying up all of the city's tax foreclosed properties three years ago as part of a joint effort by the land bank and city to eliminate blighted properties.