The affirmation reflects our expectation that Redco can maintain a moderate leverage ratio as the company builds up a sufficient
land bank size to sustain higher contracted sales.
The
land banks work to protect homeowners and neighborhoods by acquiring blighted homes, then transforming those properties into community assets.
The Lake County
Land Bank authority has officially been formed, the legal requirements met when the villages of Fox Lake and Round Lake Beach recently approved an intergovernmental agreement to participate.
Since 2013, the Attorney General's office has provided more than $82 million to
land banks from funding it secured through settlements with the nation's largest banks over misconduct that contributed to the housing crisis.
By removing blight, one property at a time, the
land bank hopes to make neighborhoods safer places to live and work while improving real estate values, said Englerth.
Chow said he had repeated many times that the reclamation was not only to fund the PTMP but also to create additional
land banks for the state.
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Land banks now number more than 125, according to the Flint, Michigan-based Center for Community Progress, and have spread from their roots in the upper Midwest Rust Belt into the Plains states, the Southwest, the Northeast, the Northwest and the South.
At the same time the Government has accused councils of sitting on so-called
land banks and threatened that if any land belonging to the housing department of a council is not used or sold to a private developer then it will step in and authorise private housebuilders to use it.
While
land banks have been around for several decades, including one in St.
Big real estate developers are resorting to desperate measures like selling their
land banks, halffinished projects and other noncore assets to reduce the burgeoning debt burden.
State
Land Bank Corporations would scientifically acquire large tracts of non-cultivable and other lands, develop these as
land banks for the future to pass these on to the private sector.