Land banks gain popularity as way to fight urban blight

Though a land bank isn't necessarily a new idea, it's become a new tool. Urban cities are using land banks to help fight blight and their futures. In fact, early this year, Detroit established its own land bank to help deal with vacancies and shore up property for the future. 

Excerpt:

In downtown Flint, the historic Durant Hotel sat empty for more than 30 years until a financial tool led to its current $30 million renovation.

That tool is the land bank, an idea gaining national attention for its positive impact on urban blight and abandonment at a time when most cities are dealing with more foreclosures.

Instead of selling abandoned or foreclosed structures at auction, the city or county creates a land bank of properties. Some homes are fixed up and sold. The worst of the homes are demolished, and the land is then sold to nearby homeowners or developers, explains Genesee County (Mich.) Treasurer Dan Kildee, who started that county's land bank.

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