Suffredin- For a Better Cook County  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
  Last year more people used the County's forest preserves than visited Yellowstone National Park.
   
     
     
     



County land bank shifts into acquisition mode

Thursday, June 26, 2014
Crain's Chicago Business
by Micah Maidenberg

Eighteen months after its creation, the Cook County Land Bank Authority took title to its first two properties, with deals for 14 more in the works, the next big step in its campaign to fix the area's vacant home crisis.

The land bank earlier this month acquired a single-family home at 5706 S. Wolcott Ave. in the city's West Englewood neighborhood and a two-flat at 1110 E. 93rd St. in Burnside, according to Cook County Commissioner Bridget Gainer, the authority's chairwoman.

The deals served as test cases to measure the land bank's capacity to find and buy property, Ms. Gainer said.

“We needed to know we could walk before we ran,” she said. And both homes offer an exit strategy, since the group believes it can find an investor or group to take them over, she said.

DONATED BY BANK

U.S. Bank N.A., a trustee for investors who own bonds backed by the buildings, foreclosed on both properties, according to Cook County land records. A loan servicer donated the properties to the land bank.

The land bank was created last year to address the abandoned-home crisis that has devastated neighborhoods across the city and suburbs following the real estate crash several years ago. Cook County had around 55,000 vacant homes as of mid-year 2013, concentrated in economically distressed areas on Chicago's South and West sides.

The agency will buy empty homes and vacant land, clear liens from their titles and try to turn them over to public and private entities for reuse. Buildings it acquires could be demolished.

As it moves into acquisition mode, the land bank must figure out which potential deals will made a significant impact on areas in the city and suburbs set back by blight.

“We're looking at projects at scale,” such as portfolio deals, said Brian White, the land bank's executive director.

FOCUS ON DISTRESSED AREAS

The agency doesn't have a specific numerical target for acquiring blighted property, he said.

Deals will be concentrated in distressed neighborhoods, such as the city's South Side, since “those are the areas where there's opportunity but also where there's a real need to address the failure of the market,” Mr. White said.

To build up its capacity, the land bank hired an acquisitions manager and an administrator and expects to add three or four more staffers by the end of the summer.

In addition to the first two deals, the land bank is in talks to acquire another 14 properties, according to Ms. Gainer. She declined to disclose addresses, but the acquisitions include six properties on the city's South Side, one on the West Side and seven in southern and western Cook County communities, according to a map provided by her office.

The land bank is seeking properties that have been seized by banks and government-sponsored housing enterprises (GSEs) like mortgage giant Fannie Mae.

“You're starting to see some of these large holders of property — both GSEs and banks — start to say, 'OK, I'm not going to recoup my mortgage. We need to start moving these things along because we are not in the real estate management business,'” Ms. Gainer said.



Recent Headlines

U.S. appeals judges: Go fight over lawsuits with Dorothy Brown in state court
Sunday, November 13, 2918
Chicago Sun-Times

She's been waiting 15 months for her rape kit to be processed. A new proposal to track evidence aims to change that.
Wednesday, November 14, 2018
Chicago Tribune

Preckwinkle to unveil policy roadmap for Cook County for next five years
Wednesday, November 14, 2018
Chicago Sun-Times

COMMENTARY: Here's how the Shakman case curbed Cook County patronage
Tuesday, November 13, 2018
Chicago Tribune

Appeals court backs Dorothy Brown in lawsuit over public access to electronic records, says judge overstepped authority
Tuesday, November 13, 2018
Chicago Tribune

What’s Next As Voters Overwhelmingly Support Higher Minimum Wage, Paid Sick Time
Monday, November 12, 2018
Journal and Topics Online

Cook County Board President Toni Preckwinkle's security chief fired after review spurred by watchdog report
Thursday, November 08, 2018
Chicago Tribune

An earlier opening day: 2019 Cook County forest preserves permits go on sale Nov. 15
Thursday, November 08, 2018
Chicago Tribune

Cook County opening 2019 picnic permit sales Nov. 15
Monday, November 05, 2018
Special to suffredin.org

The Cook County Land Bank looks to go commercial
Monday, November 05, 2018
RE Journal

Nov. 15 is new opening date for Cook County forest preserves permits
Monday, November 05, 2018
Daily Herald

Cook County Gun Dealer, Minimum Wage Referendums On Ballot
Monday, November 05, 2018
Patch

The Abandoned WWI Monument One Chicago Man Is Determined To Save
Friday, November 02, 2018
Chicago Patch

Cook County freed from federal oversight
Thursday, November 01, 2018
Chicago Daily Law Bulletin

First-of-its-kind trauma recovery center serves survivors of domestic violence, hate crimes, sexual assault, gun violence in Cook County
Monday, October 29, 2018
ABC 7

Northbrook opts in to Cook County paid sick leave ordinance, more uncertainty for employers, lawyer says
Monday, October 29, 2018
Cook County Record

First-of-its-kind Advocate Trauma Recovery Center serves survivors of domestic violence, hate crimes, sexual assault, gun violence in Cook County
Monday, October 29, 2018
WLS Channel 7

Cook County sheriff, CVS team up on safe prescription painkiller disposal
Saturday, October 27, 2018
Chicago Sun-Times

HOPE Court, created to keep probationers out of prison, shut down amid problems
Friday, October 26, 2018
Chicago Sun-Times

Can Kaegi really reform the assessor's office?
Friday, October 26, 2018
Crain's Chicago Business

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP