Land bank authority eyes redevelopment of three Homewood buildings

Homewood Village Board members approved an intergovernmental agreement with the South Suburban Land Bank Development Authority at their Jan. 23 meeting, setting in motion a process to redevelop three vacant properties.

Municipalities have limited ability to hold, manage and develop foreclosed or vacant properties and return them to productive use. Land banks are an economic development tool developed to help with that.  SSLBDA incurs all of the legal costs associated with acquiring these kinds of properties. South Suburban Mayors and Managers Association organized the land bank in 2011…Please click here to read David P. Funk’s story in the Homewood-Flossmoor Chronicle.