OAKLAND CO., Mich. (FOX 2) - Oakland County announced Friday that they would be creating a land bank authority.
Officials say the land bank authority will support economic growth and community revitalization through the strategic acquisition of properties.
"The Oakland County Land Bank Authority enables us to expand our economic development toolkit so that we can directly address property vacancies, support new developments and return foreclosed properties to the tax rolls," said Oakland County Treasurer Robert Wittenberg. "It gives us the ability to strengthen our communities and neighborhoods by creating housing, public spaces, or other creative community uses."
Land banks acquire title to properties—most commonly through the tax foreclosure process—and transfer the properties to new owners. The plan also returns the properties to the tax roll, officials said.
According to officials, the funds will help with infrastructure, roads, and utility costs for economic development projects, including affordable and market-rate housing along with commercial activities.
"A land bank is such a useful tool to help strengthen our neighborhoods and communities," said Oakland County Executive David Coulter. "In these times of soaring housing prices, efforts to put property back into productive use will also help build the inventory of affordable housing in Oakland County, which is a key priority for our communities and our residents."
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July 08, 2022 at 09:55PM
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Oakland County announces creation of the land bank authority - FOX 2 Detroit
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