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Major Milestone for Chicago-Area Land Bank
Darcel Rockett reports on a significant milestone for the Cook County Land Bank Authority (CCLBA), which recently assisted in the rehab of its 500th home in the Chicago area.
The Cook County Board of Commissioners created and funded the CCLBA in 2013 as a response to the 2008 foreclosure crisis. "The CCLBA acquires properties that sit vacant, abandoned and tax-delinquent for years and sells them at below-market rates to qualified community-based developers who then rehab the homes and sell them to homeowners," according to Rockett.
In addition to the benefits to the 500 homes rehabbed by the CCLBA, Rockett also reports on the economic benefits to entrepreneurs who have built rehabbing businesses with the help of the authority.