dphillips@post-journal.com
A potential new revenue source for buyers and renovators is one way Chautauqua County Land Bank Corp. officials are looking to expand its options in 2021.
On Wednesday, the monthly land bank board meeting was held with Gina Paradis, land bank executive director, discussing a possible new loan fund for rehab program participants.
The land bank rehab program works to stabilize neighborhoods by targeting blight and/or declining properties that are negatively impacting neighborhood property values. By acquiring these properties, land bank officials can clean them up, secure them and offer them at below market value to interested purchasers who will commit to renovating the property to specified levels. The reinvestment rehabilitates the property and helps to reverse the trend of declining property values in the neighborhood.