PP962
Analítico de Periódico
EITEN, Lauren
Fixer upper county edition : how land banks can help save Illinois's small towns / Lauren Eiten
University of Illinois Law Review, n.2 (2022), p.861-896
DIREITO BANCÁRIO / EUA, FINANCIAMENTO, PROPRIEDADE, DIREITO DE PROPRIEDADE
While still in the midst of a global pandemic, it is hard to predict what will be the long-term impacts. Illinois communities, particularly smaller towns outside of Chicagoland, are likely to see an increase in abandoned properties. Local governments need tools to save their towns. One such tool is a land bank. Land banks are public entities created in order to acquire vacant and abandoned properties unwanted by the private market due to overburdened tax liens. Land banks extinguish liens and rehab and sale when possible or in some cases demolish the property. Illinois attempted to pass state-enabling legislation in 2009 but was ultimately unsuccessful. Since then, a handful of land banks have popped up in Illinois, including the Cook County Land Bank Authority. A major concern, however, is the lack of a permanent financing structure. Land banks may be unable to meet their communities’ needs. This Note recommends Illinois passes state-enabling legislation to give existing and future land banks the power to be more flexible, financially stable, and responsive to their communities’ needs.