The Delaware County commissioners have handed over seven delinquent properties in the city to the Muncie Land Bank so the real estate can be cared for, marketed, sold and ultimately returned to tax rolls.
Nate Howard, executive director of the land bank, said this batch of properties will be different than most of the lots the land bank has handled, in that it includes six dwellings.
The properties with houses in good enough shape to be habitable will receive basic repairs and care in preparation for their sale.
Most of the properties are located in the Southside Neighborhood, with one each in the Industry and Old West End neighborhoods.
The addresses of the properties are:
525 E, Fifth St.
2003 S. Jefferson St.
2007 S. Biltmore Ave.
2105 S. Elm St.
2218 S. Jefferson St.
1217 W. Kilgore Ave. (vacant lot)
2306 S. Jefferson St.
Howard took over as land bank executive director in March after Meghan Jennings resigned from the post to take a position out of town. Howard told commissioners that potential buyers for some the properties were being vetted and that all the properties will be cleaned up and basic improvements will be made to buildings.
“This is our first time taking on properties with structures,” he said.
He told commissioners the properties should be back to producing tax income within 18 months.
The goal of the organization is to support neighborhoods by putting idle properties back into good use in areas needing investment.
The land bank takes an interest in how the properties will be used and the ability of the buyers to make improvements to the real estate. A committee from the land bank vets potential buyers and looks at the needs of the neighborhood.
According to a document Howard provided to commissioners, the Urban Light Community Development Corp. already has expressed interest in the Fifth Street property.
Land bank documents state it should take four months to get the properties marketable with an insurable title and the properties secured and readied for sale. An estimated three months later, a marketing package will be provided for each of the properties, including financing options.
Commissioners asked Howard to report back to them in a few months on his progress in getting the properties back in use.
Source: The Star Press