Blog
Leveraging Foreclosures
Posted by Bridget Marquis on May 04, 2009 |
With foreclosure rates up across the country, there is much to be learned from a city that has been dealing with vacant properties for many years. Flint has developed an innovative financial tool to turn foreclosed properties into downtown redevelopment. Recognized by Kennedy School of Government at Harvard University, Genesee County Land Bank raises funds by selling vacant properties, many in the suburbs, through negotiated agreements instead of the usual auction process. "Then it uses that money to fix up blighted areas in Flint -- greening vacant lots, demolishing abandoned houses, creating pocket parks where once there was only vacancy." Leveraging foreclosures in the suburbs for downtown reinvestments has led to higher property values across Genesee County read more in this Detroit Free Press article.