The Michigan Land Bank Fast Track Authority in Lansing has released a new loan program designed to entice local land banks to redevelop publicly owned properties.
The Michigan Land Bank Redevelopment Loan program will offer land banks in Michigan short-term loans to redevelop and sell property in their inventories.
“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,” says Josh Burgett, director of Michigan Land Bank. “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.”
The loan agreements will be able to be used for site prep, permitting, construction, and any other related cost in relation to developing county property. The loans will be awarded to land bank authorities within the state, and all land banks are eligible to participate.
The low-interest loans are intended to be repaid within 12 months or immediately following the sale of the redeveloped property.