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"Ground Control"

One of the largest challenges for affordable housing developers is acquiring sites to build on or preserve -- multiple sources of financing are often needed for land deals, and finding funds can be a time-consuming process for nonprofit developers.

Using real examples from Michigan, Ohio and Rhode Island, this article highlights how local land bank programs are changing the land acquisition game by purchasing desirable properties and holding them for nonprofit developers while funding is gathered.

Working with land banks allows developers to compete with for-profit developers and ensure the land can be used as affordable housing.

The programs also help participating nonprofit developers across the country access capital to acquire land quickly, and provide another set of educated eyes during the acquisition process.

Read the entire article here.

Posted in Housing Development and Preservation

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