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:  
   
 
 

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

   
 

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

   
  Cook County is the second most populous county in the nation. It is the 19th largest government in the U.S.
   
     
     
     



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

Preteens out of detention before trial under new ordinance
Friday, September 14, 2018
Chicago Daily Law Bulletin

Cook County Board bars detention of youth under 13 years old
Thursday, September 13, 2018
Injustice Watch

Preteens accused of crimes won't be locked up at Cook County juvenile center
Thursday, September 13, 2018
Chicago Sun-Times

Slowik: Cook County offers residents last chance to comment on strategic plan
Thursday, September 13, 2018
Daily Southtown

Settlement over Cook County's 2007 decision to cut inmates' dental care will cost nearly $5.3 million
Wednesday, September 12, 2018
Chicago Tribune

Anti-patronage Shakman pact requiring federal oversight of Cook County hiring, firing to end
Friday, August 31, 2018
Chicago Tribune

1st District upholds merit board in firing of deputy
Thursday, August 30, 2018
Chicago Daily Law Bulletin

Neighborhood program helps Cook County residents buy homes
Sunday, August 26, 2018
Chicago Sun-Times

Judge upholds Cook County firearm, ammunition taxes
Thursday, August 23, 2018
Chicago Daily Law Bulletin

Editorial: E-filing should make Cook County courts more accessible. It doesn't
Wednesday, August 22, 2018
Chicago Tribune

Cook County tax incentive could pave way for Wingstop, Dunkin' Donuts on Elgin's Summit Street
Tuesday, August 21, 2018
Chicago Tribune

Editorial: What happened to the elk?
Friday, August 10, 2018
Chicago Tribune

Wells Fargo to offer $15,000 grants to potential Cook County homebuyers
Thursday, August 09, 2018
Chicago Tribune

Suit alleges Cook County detainees secretly monitored in bathrooms in holding cells at courthouses
Wednesday, August 08, 2018
Chicago Tribune

Half the elk at Busse Woods died last year, and officials aren’t sure why
Tuesday, August 07, 2018
Chicago Tribune

A letter from Dr. Jay Shannon regarding gun violence and Stroger Hospital
Tuesday, August 07, 2018
Special to suffredin.org

As Evanston adapts to minimum wage hike, nearby towns say they have no plan to join in
Tuesday, August 07, 2018
Chicago Tribune

Lawsuit could blast a $250 million hole in county budget
Monday, August 06, 2018
Crain's Chicago Business

Pappas: Automatic refunds of $19.5 million going to 53,000 homeowners because of property tax cuts
Monday, August 06, 2018
Special to suffredin.org

Thousands of Cook County homeowners to receive property tax refunds
Monday, August 06, 2018
Chicago Sun-Times

all news items

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