Northern Illinois Land Bank Authority approves acquisition policies, adds new members
With its first official meeting in the books, the Northern Illinois Land Bank Authority decides to get a little bigger.
Loves Park, Machesney Park and South Beloit have all been approved to join charter members, which includes representatives from Rockford, Winnebago County, Belvidere and Boone County.
The Northern Illinois Land Bank Authority was formed to use a bank grant from the Illinois Housing Development Authority, buy abandoned properties and put the properties back on the market.
Today the authority approved its acquisition policies.
"We'll be looking at houses, hopefully not to the point where demolition is not the only option, said Eric Setter, land bank coordinator. "We'll be looking at homes that are tax delinquent, have title issues. We can clear those titles and get them back into the private sector's hand, whereas right now the private market would not support that property being transferred to a new owner."
Setter says they plan to add more members down the road. Any local municipality can join pending approval from the land bank board.