Suffredin- An Advocate for All of Us  
 

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.

   
  Cook County was created on January 15, 1831 and named after Daniel P. Cook, Member of Congress and the first Attorney from the State of Illinois.
   
     
     
     



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

Cook County restorative justice program offers 2nd chance for young, non-violent offenders
Wednesday, June 29, 2022
ABC Local

Protect endangered species from overuse of deadly ‘neonic’ pesticides
Sunday, June 26, 2022
Chicago Sun-Times

Cook County Public Health Officials Announce First Presumptive Case of Monkeypox
Saturday, June 25, 2022
Special to suffredin.org

Illinois child welfare officials defend leaving kids in jail after release
Friday, June 24, 2022
WBEZ News

Cook County rescued popular restaurant from tax sale, then hosted an event there
Friday, June 24, 2022

Cook County Officials Unveil Rosy 2023 Budget Outlook
Friday, June 24, 2022
WTTW News

Trailblazers Program Empowers Volunteers
Thursday, June 23, 2022
Special to suffredin.org

Preckwinkle forecasts county’s smallest budget gap in a decade, no new taxes or fees planned
Wednesday, June 22, 2022
Chicago Tribune

Cook County's nonexistent residency policy
Wednesday, June 22, 2022
Crain's Chicago Business

Cook County invests $925,000 in COVID-19 stimulus money to bolster south suburban metals, machinery and equipment manufacturers
Sunday, June 19, 2022
Daily Southtown

COVID-19 risk in Chicago, Cook County improves to ‘medium’
Friday, June 17, 2022
Chicago Sun-Times

Man found beaten to death inside Cook County Jail cell: autopsy
Wednesday, June 15, 2022
Chicago Sun-Times

Cook County unveils new flag designed by high school student and inspired by 1893 World’s Fair goddess statue
Tuesday, June 14, 2022
Chicago Tribune

Cook County’s new flag is revealed
Tuesday, June 14, 2022
Chicago Sun-Times

Cook County to raise new flag designed by student
Tuesday, June 14, 2022
Crain's Chicago Business

Cook County Deputies Search Homes of Those on Electronic Monitoring
Monday, June 13, 2022
NBC 5 Chicago

Cook County to unveil new flag
Monday, June 13, 2022
Chicago Sun-Times

Crack down on businesses that rent from government but don’t pay taxes
Sunday, June 12, 2022
Chicago Sun-Times

Cook County to Host Juneteenth Conference: ‘It’s All About the Black Community, Celebrating our Freedom’
Saturday, June 11, 2022
WTTW News

Cook County official sued by ethics board for ‘flagrantly’ defying nepotism ban fires her cousin as chief of staff, he says
Saturday, June 11, 2022
Chicago Tribune

all news items

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