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Loan program offers support for revitalizing community properties
February 06, 2019
FOR IMMEDIATE RELEASE: Wednesday, Feb. 6, 2019
MEDIA CONTACT: Erica Quealy, 517-582-2961
LANSING, Mich. – The Michigan Land Bank Fast Track Authority released a new program to entice local land banks to redevelop publicly owned properties and support growth in communities of all sizes.
Land banks in Michigan can get help redeveloping property in their inventory with support from the Michigan Land Bank Redevelopment Loan program. These short-term loans provide land banks with the capital to conduct redevelopment projects with the intention to sell the property after development.
“When local communities are given the opportunity to repurpose vacant land into projects that can be beneficial for growth, it’s a win for everyone,” Michigan Land Bank Director Josh Burgett said. “Leveraging Michigan Land Bank resources is our commitment to supporting redevelopment projects across the state and funding projects that lead to vibrant places or destinations.”
Rewarded loan agreements will allow local land banks an opportunity to use the funds for site prep, necessary permitting, construction and any other related cost in relation to developing county property. Redevelopment loans will be awarded to land bank authorities within the state and all land banks are eligible to participate in this new program. These low-interest loans are intended to be repaid within 12 months or immediately following the sale of the redeveloped property.
Any land bank seeking funds from the loan program can begin the application process to receive available funding. The application can be found on the Michigan Land Bank’s website at www.michigan.gov/landbank.
To learn more about their efforts to improve communities across the state, visit www.michigan.gov/LandBank.