Cook County Land Bank Authority Rehabs 500th Property

Nov 25, 2019

The Chicago-headquartered Cook County Land Bank Authority (CCLBA) announced a new milestone with the 500th home that has been rehabbed through its programs to transform vacant, abandoned and tax-delinquent properties into viable properties to encourage homeownership in disinvested communities.

The Land Bank received an initial investment for this endeavor with $4.5 million allocated from the $70 million that Illinois received in the 2012 national foreclosure settlement with the five largest mortgage servicers. Since 2012, the organization has acquired more than 800 residential properties. The 500 properties that have been rehabbed received a new lease on life more than 400 local developers.

The 500th rehabbed property is located in the Greater Grand Crossing neighborhood on Chicago’s South Side and was acquired and renovated by Dajuan Robinson, owner of DNA Construction, in the fall of 2018 for $14,000. Robinson converted it from a three-bedroom, 1.5-bath bungalow home into a four-bedroom, 3.5-bath home that is under contract for a sale price of $275,000.

“Property development is a path to successful business ownership for many entrepreneurs of color,” said Cook County Commissioner Bridget Gainer, chairman of the Land Bank’s board of directors. “We’re proud of the impact we’re able to have for business owners who can create jobs, and for families who can attain the dream of homeownership in an affordable way.”

About the author

Phil Hall

Link copied

Published

Nov 25, 2019

Analysis and Data

'Half backs' Buy Homes In Other Southern Regions

More affordable locales gaining popularity with retirees, report shows

Another nickname for Northerners who retire down South has emerged – along with a new home-buying trend. A potentially worthy companion for ‘snowbird’ – the term commonly used to describe people who migrate to Florida as soon as the first frost up North – is ‘half back.’...

Analysis and Data

Mortgage Lenders Have Work To Do When It Comes To Customer Service, Survey Says

The American Customer Satisfaction Index reported mortgage lenders rank in the bottom nine among ACSI-measured industries.

In the inaugural American Customer Satisfaction Index (ACSI) results, released today, mortgage lenders come up short-handed for customer satisfaction with a debut score of 75, placing the industry on the lower end of the Index overall, which is measured on a scale of 0-100. ...

Feb

California Mortgage Expo — Palm Springs

Palm Springs, CA

More from

Industry News

UWM's Motion To Dismiss RICO Class Action Denied As Moot

Plaintiffs' late August filing of an amended complaint means UWM must file a new motion to dismiss if it wishes to proceed with having the case thrown out.

Courts

Oct 11, 2024

Michigan Mortgage Moguls Make The Forbes 400 List

Dan Gilbert and Mat Ishbia were numbers 27 and 65 on Forbes' list, respectively.

Industry News

Oct 11, 2024

The Agency, Barrett Financial Group Launch Joint Venture

Aclara Lending will offer its luxury clients a diverse selection of loan products, sourced from 140 different wholesalers.

Industry News

Oct 07, 2024

NAR's Chief Legal Officer Steps Down

Katie Johnson led the association's legal team for 10 years