Get to know the Kankakee Regional Land Bank Authority
Many of the properties acquired by the Kankakee Regional Land Bank Authority have been vacant for years. Most have moderate to significant deferred maintenance, leading to failing roofs, missing gutters and downspouts, and other significant problems. Partial rehabs are intended to stabilize the property against further deterioration and reduce the next owner’s rehab costs. A state grant covers costs, creating a win-win for everyone.
Why Not Just Demo?
KRLBA prefers to avoid demolishing properties. There are two reasons. First, the cost to build a single-family home can easily run above $200,000. If the Land Bank spends $40,000 to save a house, they can help produce the same housing unit for a fraction of the new construction cost. Second, demolitions can be demoralizing for neighbors. Demotions are sometimes required, but are avoided whenever possible.
Partnership in Action
KRLBA is fortunate to have access to grant funds from the State of Illinois to pay for substantial repairs to stabilize properties like this. Kankakee County, one of the land bank members, received a Strong Communities Program grant from IHDA and made it available for KRLBA to use.
How Can You Participate?
All of the available inventory is posted to the property marketing site. If you are looking to purchase a property for your own use or as an investor, that is the best place to start. If you are a contractor interested in performing work for KRLBA, please get in touch with the KRLBA at krlba.org.
