Ingham County Land Bank Launches New Program

Video provided by WLNS.

WLNS Channel 6 Lansing, Michigan

Jun 22, 2011 1:10 PM EDT 

Updated: June 29, 2011 3:59 PM EDT

Ingham County has launched a new program encouraging home ownership. Several homes for sale in the county could cost about half the price for home buyers. That's thanks to a new program launched Wednesday by the Ingham County Land Bank.

6 News reporter Darren Cunningham toured a home up for sale with a $30,000 price tag. It has broken water lines, tattered carpet and cracked shingles, but if fixed the home owner could see a pretty good return.

"We're going to reward them for the improvements that they make in the property," said Eric Schertzing, Ingham County Treasurer.

The land bank owns about 250 foreclosed and abandoned properties and to encourage people to buy these homes as is the county launched the Property Rehab and Ownership Program, which will offer a financial incentive.

"If they do the list of repairs that our home inspector has provided, they'll get a 25% credit on that purchase price," said Schertzing.

So under program guidelines, if someone purchases that $30,000 home the owner could receive $7,500 for making the necessary repairs. Schertzing says they could also receive another $7,500 for becoming energy efficient.

"The investment in this one house will add tens if not hundreds of thousands of dollars of value in the surrounding neighborhood," said Schertzing.

He says about a dozen land bank homes are a part the Property Rehab Program and he looks for it to grow.

"The more people that approach and fill out the application in the program, the more homes we'll be able to put into the program," said Schertzing.

It's a success story waiting to be written for the homeowner, the program, and the community. If you're interested in participating in the property rehab program call 517-267-5221.