August 22, 2013
The Ingham County Land Bank and the Land Policy Institute released the results of a study examining the economic impacts of the Land Bank in August 2013. Several previous studies have examined the negative consequences of foreclosure, abandonment, vacancy and blight. This study, conducted by the LPI, however, shows the Ingham County Land Bank has a positive impact on neighborhood property values and the local economy.
The study shows that from 2006 to 2012, sold homes located between 500 and 1,000 feet of a Land Bank property decreased in value by 9.5%. Sold homes located within 500 feet of a renovated or new Land Bank home, however, experienced a property value increase of 5.2% during the same time period.
“This study substantiates that our investment in the community is paying off,” says Jeff Burdick, Executive Director of the Ingham County Land Bank. “The impact we’re having on homes is driving up property values for neighbors.”
According to LPI’s Associate Director Mary Beth Graebert, “The maintenance of these Land Bank properties, such as lawn mowing and snow removal, and the demolition of blighted homes, is important not only for neighborhood revitalization, but also helps build a sense of community for those living within these impacted neighborhoods.”
Further, the study indicates the Ingham County Land Bank invested $31,051,692 in greater Lansing, had a total estimated economic impact of $56,239,355 and created 426 jobs. For every $1 the Land Bank spent in the community, there was an estimated $1.80 return on investment.
“We’ve heard for years about the anecdotal impact our homes are having on neighborhoods," says Ingham County Treasurer and Land Bank Chairman, Eric Schertzing. "Now we have further evidence of the economic impact of our investment. Neighborhoods are being improved, homeownership opportunities for low-income families increased and the City of Lansing and Ingham County are experiencing more stable property tax revenue."