The
Ingham County Lank Bank recently released their 2011 annual report, which was brimming with good news. The Lank Bank reports a 70 percent increase in rehabilitated and new home sales over 2010. Even better, 2012 is already on course to show even more improvement. The Land Bank’s dramatic growth numbers came from the sale of 36 homes in 2011, and 50 properties are currently under renovation.
Ingham County Treasurer and Chair of the Lank Bank Eric Schertzing attributes the jump in sales to a jump in investment that began in 2008.
“We are growing,” says Schertzing, “in large part from Neighborhood Stabilization funding.”
The Land Bank partnered with the
City of Lansing in 2008 to leverage $25 million in investment from the Federal Neighborhood Stabilization Program.
“HUD financial support and grant timelines make this the year with the most supply of homes,” says Schertzing. “A better local economy and spreading knowledge of quality of Land Bank homes is driving demand.”
The Land Bank has sold a total of 100 homes since 2006. According to Schertzing, the organization has a goal to sell 50 homes in 2012.
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