On February 6, 2019, the Michigan Land Bank Fast Track Authority launched a new program to entice local land banks to redevelop publicly owned properties and support revitalization in communities of all sizes.
Land banks in Michigan can get help redeveloping property in their inventory with support from the Michigan Land Bank Redevelopment Loan program.
These short-term loans provide land banks with the capital to conduct redevelopment projects with the intention to sell the property after development.
“When local communities are given the opportunity to repurpose vacant land into projects that can be beneficial for growth, it’s a win for everyone,” Michigan Land Bank Director Josh Burgett said.
“Leveraging Michigan Land Bank resources is our commitment to supporting redevelopment projects across the state and funding projects that lead to vibrant places or destinations,” he added.
Rewarded loan agreements will allow local land banks an opportunity to use the funds for site prep, necessary permitting, construction and any other related cost in relation to developing county property.
Redevelopment loans will be awarded to land bank authorities within the state and all land banks are eligible to participate in this new program. These low-interest loans are intended to be repaid within 12 months, or immediately following the sale of the redeveloped property.
Photo (by Storm Cunningham) shows Riverview Launch, an ecologically restored and economically revitalized old commercial property that was a project of the Kalamazoo County Land Bank.