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:  
   
 
 

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.

   
  The first blood bank in the world was established at Cook County Hospital by Dr. Bernard Fantus in 1937.
   
     
     
     



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

EDITORIAL: Foxx should steer clear of donations from property tax lawyers
Tuesday, January 16, 2018
Chicago Sun-Times

Restoration on Cook County Hospital could begin this summer
Tuesday, January 16, 2018
Curbed Chicago

26 inmates charged with violence toward guards at Cook County Jail
Saturday, January 13, 2018
Chicago Tribune

Cook County assessor not cooperating with investigation, IG complains
Saturday, January 13, 2018
Chicago Tribune

WASHINGTON: County repeal of soda tax was a mortal mistake
Friday, January 12, 2018
Chicago Sun-Times

SNEED EXCLUSIVE: Developer plans to make old county hospital a community anchor
Friday, January 12, 2018
Chicago Sun-Times

Western Springs Board reconsiders opting out of county minimum wage law
Friday, January 12, 2018
Chicago Tribune

Why more Chicago hospitals are getting into the housing business
Thursday, January 11, 2018
Crain's Chicago Business

Chicago hospitals help lower health care bills by housing the homeless
Thursday, January 11, 2018
Chicago Tribune

Dorothy Brown runs out of excuses on e-filing
Wednesday, January 10, 2018
Chicago Tribune

Ethics board fines Cook County assessor $41,000 over political donations from lawyers
Wednesday, January 10, 2018
Chicago Tribune

County wants seniors to confirm they’re still seniors
Wednesday, January 10, 2018
Evanston Now

Cook County Circuit Court Clerk Dorothy Brown ordered to improve public access to electronic records
Tuesday, January 09, 2018
Chicago Tribune

Foxx focuses on ‘bigger picture’ in first year as state’s attorney
Tuesday, January 09, 2018
Chicago Sun-Times

As disparity in water rates persists, Cook County Board searches for answers
Tuesday, January 09, 2018
Chicago Tribune

Kim Foxx Concerned With ‘Justice, Not Convictions’
Monday, January 08, 2018
CBS Chicago

Foxx on hiring of outside lawyers by top aide: 'We're going to look at it from soups to nuts'
Monday, January 08, 2018
Chicago Fox 32

Interim chief supervision, probation officer named
Friday, January 05, 2018
Chicago Daily Law Bulletin

Roseland Community Hospital lays off 7 percent of staff, cuts pay
Friday, January 05, 2018
Chicago Tribune

Lake County spent $4.9 million on uncompleted e-filing system, records show
Thursday, January 04, 2018
Chicago Tribune

all news items

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