Press Release: Ingham County Land Bank Announces New Program

For Immediate Release

Ingham County Land Bank Announces New Program
Property Rehab and Ownership Program sets home owners up for success

http://www.wlns.com/story/14956988/ingham-county-land-bank-launches-new-program

June 21, 2011 –Lansing, Michigan: The Ingham County Land Bank is pleased to announce the upcoming launch of their newest program, PROP- Property Rehab and Ownership Program. Through this program, members of the community as well as contractors will be able to purchase certain properties owned by the Land Bank “as is” and rehab them under the guidelines of the Land Bank’s high standards of rehabilitation and energy efficiency. In doing so, buyers will receive up to 50 percent of the purchase price in credit upon completion.

The goal of this program is to decrease the number of tax foreclosed homes held by the Ingham County Land Bank by creating opportunities for affordable purchase and rehabilitation by interested buyers. This program will encourage home ownership within the city of Lansing as well as support rehabilitation and energy efficient opportunities for all buyers.

The idea of the program was developed after several inquiries from individuals and contractors had placed interest in doing some rehabilitation themselves. The project was then delivered to the Board of the Ingham County Land Bank, voted on and approved.

There are great opportunities within this program for individual community members as well as contractors. PROP is set up for the buyer’s success. Some examples of this well thought out process include obtaining a land contract with the first three (3) months of said land contract payment free. The amortization is spread over twenty (20) years to ensure a low monthly payment to all buyers in making sure that renovations can continue and kept affordable and within each buyers budget. Information and home owner education classes are available through a partnership with The Center for Financial Health to ensure that buyers are on the right track to refinance and obtain a home mortgage as well as find a payment structure that fits their needs. All buyers will have the option to refinance to a home mortgage after all needed renovations have been made or to continue with the land contract to help build their credit.

A press conference will be held Wednesday June 22, 2011 at 532 Emily Avenue in Lansing promptly at 10:30 in the morning. Ingham County Treasurer, Eric Schertzing, will be in attendance to further explain the program and to answer any questions. Along with the Treasurer, members of the Ingham County Land Bank staff and Board will be available.

The Ingham County Land Bank is dedicated to improving the quality of our neighborhoods, while strengthening and stabilizing the community. The Land Bank will purchase, renovate and resell multiple properties in a designated area to create attractive purchases for future homeowners and commercial use.